Loading...
HomeMy WebLinkAboutContract'ZDEd&KZ ^/'E^Zs/^&KZd,dz>KZs Et W,^//WZK:d͕^tWϮϰͲϰϯϳϯ d,/^'ZDEd͕ĚĂƚĞĚ ĨŽƌƌĞĨĞƌĞŶĐĞƉƵƌƉŽƐĞƐŽŶůLJĂƐ EŽďĞŵďĞƌ ϭϬ͕ϮϬϮϱ͕ ŝƐďLJĂŶĚďĞƚǁĞĞŶ ƚŚĞŝƚLJŽĨZĞŶƚŽŶ;ƚŚĞ͞ŝƚLJ͟Ϳ͕ĂtĂƐŚŝŶŐƚŽŶŵƵŶŝĐŝƉĂůĐŽƌƉŽƌĂƚŝŽŶ͕ĂŶĚ DĞĂĚΘ,ƵŶƚ͕/ŶĐ ;͞ŽŶƐƵůƚĂŶƚ͟Ϳ͕ Ă tĂƐŚŝŶŐƚŽŶ ŽƌƉŽƌĂƚŝŽŶ͘ dŚĞ ŝƚLJ ĂŶĚ ƚŚĞ ŽŶƐƵůƚĂŶƚ ĂƌĞ ƌĞĨĞƌƌĞĚ ƚŽ ĐŽůůĞĐƚŝǀĞůLJŝŶƚŚŝƐŐƌĞĞŵĞŶƚĂƐƚŚĞ͞WĂƌƚŝĞƐ͘͟KŶĐĞĨƵůůLJĞdžĞĐƵƚĞĚďLJƚŚĞWĂƌƚŝĞƐ͕ƚŚŝƐŐƌĞĞŵĞŶƚ ŝƐ ĞĨĨĞĐƚŝǀĞĂƐŽĨƚŚĞůĂƐƚĚĂƚĞƐŝŐŶĞĚďLJďŽƚŚƉĂƌƚŝĞƐ͘ ϭ͘ ^ĐŽƉĞŽĨtŽƌŬ͗ŽŶƐƵůƚĂŶƚĂŐƌĞĞƐƚŽƉƌŽǀŝĚĞĐŽŶƐƵůƚŝŶŐĂŶĚĚĞƐŝŐŶƐĞƌǀŝĐĞƐ ĂƐ ƐƉĞĐŝĨŝĞĚ ŝŶdžŚŝďŝƚͲ ͕ǁŚŝĐŚŝƐĂƚƚĂĐŚĞĚĂŶĚŝŶĐŽƌƉŽƌĂƚĞĚ ŚĞƌĞŝŶ ĂŶĚ ŵĂLJŚĞƌĞŝŶĂĨƚĞƌďĞ ƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞ͞tŽƌŬ͘͟ Ϯ͘ ŚĂŶŐĞƐŝŶ^ĐŽƉĞŽĨtŽƌŬ͗ dŚĞŝƚLJ͕ǁŝƚŚŽƵƚŝŶǀĂůŝĚĂƚŝŶŐƚŚŝƐŐƌĞĞŵĞŶƚ͕ŵĂLJŽƌĚĞƌ ĐŚĂŶŐĞƐƚŽƚŚĞtŽƌŬĐŽŶƐŝƐƚŝŶŐŽĨĂĚĚŝƚŝŽŶƐ͕ĚĞůĞƚŝŽŶƐŽƌŵŽĚŝĨŝĐĂƚŝŽŶƐ͘ŶLJƐƵĐŚĐŚĂŶŐĞƐ ƚŽƚŚĞtŽƌŬƐŚĂůůďĞŽƌĚĞƌĞĚďLJƚŚĞŝƚLJŝŶǁƌŝƚŝŶŐĂŶĚ ƚŚĞŽŵƉĞŶƐĂƚŝŽŶƐŚĂůůďĞ ĞƋƵŝƚĂďůLJĂĚũƵƐƚĞĚĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƌĂƚĞƐƐĞƚĨŽƌƚŚŝŶ džŚŝďŝƚ  Θ ŽƌĂƐŽƚŚĞƌǁŝƐĞ ŵƵƚƵĂůůLJĂŐƌĞĞĚďLJƚŚĞWĂƌƚŝĞƐ͘ ϯ͘ dŝŵĞ ŽĨ WĞƌĨŽƌŵĂŶĐĞ͗ ŽŶƐƵůƚĂŶƚ ƐŚĂůů ĐŽŵŵĞŶĐĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨƚŚĞ ŐƌĞĞŵĞŶƚ ƉƵƌƐƵĂŶƚƚŽƚŚĞƐĐŚĞĚƵůĞ;ƐͿƐĞƚĨŽƌƚŚŝŶdžŚŝďŝƚ͘ůůtŽƌŬ ƐŚĂůůďĞƉĞƌĨŽƌŵĞĚďLJŶŽůĂƚĞƌ ƚŚĂŶ DĂƌĐŚ ϯϭ͕ϮϬϮϳ ͘ ϰ͘ ŽŵƉĞŶƐĂƚŝŽŶ͗ ͘ ŵŽƵŶƚ͘ dŽƚĂů ĐŽŵƉĞŶƐĂƚŝŽŶ ƚŽ ŽŶƐƵůƚĂŶƚ ĨŽƌ tŽƌŬ ƉƌŽǀŝĚĞĚ ƉƵƌƐƵĂŶƚ ƚŽ ƚŚŝƐ ŐƌĞĞŵĞŶƚƐŚĂůůŶŽƚĞdžĐĞĞĚΨϮϳϮ͕ϵϯϮ͘ϵϬ͕ƉůƵƐĂŶLJĂƉƉůŝĐĂďůĞƐƚĂƚĞĂŶĚůŽĐĂůƐĂůĞƐ ƚĂdžĞƐ͘ ŽŵƉĞŶƐĂƚŝŽŶƐŚĂůůďĞƉĂŝĚ ďĂƐĞĚƵƉŽŶtŽƌŬ ĂĐƚƵĂůůLJƉĞƌĨŽƌŵĞĚĂĐĐŽƌĚŝŶŐƚŽ ƚŚĞƌĂƚĞ;ƐͿŽƌĂŵŽƵŶƚƐƐƉĞĐŝĨŝĞĚŝŶdžŚŝďŝƚ Θ͘dŚĞŽŶƐƵůƚĂŶƚĂŐƌĞĞƐƚŚĂƚĂŶLJ ŚŽƵƌůLJŽƌĨůĂƚƌĂƚĞĐŚĂƌŐĞĚďLJ ŝƚĨŽƌŝƚƐtŽƌŬ ƐŚĂůůƌĞŵĂŝŶůŽĐŬĞĚĂƚƚŚĞŶĞŐŽƚŝĂƚĞĚ ƌĂƚĞ;ƐͿƵŶůĞƐƐŽƚŚĞƌǁŝƐĞĂŐƌĞĞĚƚŽŝŶǁƌŝƚŝŶŐŽƌƉƌŽǀŝĚĞĚŝŶdžŚŝďŝƚ Θ͘džĐĞƉƚ ĂƐ ƐƉĞĐŝĨŝĐĂůůLJƉƌŽǀŝĚĞĚŚĞƌĞŝŶ͕ƚŚĞŽŶƐƵůƚĂŶƚƐŚĂůůďĞƐŽůĞůLJƌĞƐƉŽŶƐŝďůĞĨŽƌƉĂLJŵĞŶƚŽĨ ĂŶLJƚĂdžĞƐŝŵƉŽƐĞĚĂƐĂƌĞƐƵůƚŽĨƚŚĞƉĞƌĨŽƌŵĂŶĐĞĂŶĚƉĂLJŵĞŶƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ ͘ DĞƚŚŽĚŽĨWĂLJŵĞŶƚ͘KŶĂŵŽŶƚŚůLJŽƌŶŽůĞƐƐƚŚĂŶƋƵĂƌƚĞƌůLJďĂƐŝƐ ĚƵƌŝŶŐĂŶLJƋƵĂƌƚĞƌ ŝŶǁŚŝĐŚtŽƌŬŝƐƉĞƌĨŽƌŵĞĚ͕ƚŚĞŽŶƐƵůƚĂŶƚƐŚĂůůƐƵďŵŝƚĂǀŽƵĐŚĞƌŽƌŝŶǀŽŝĐĞŝŶĂĨŽƌŵ ƐƉĞĐŝĨŝĞĚďLJƚŚĞŝƚLJ͕ŝŶĐůƵĚŝŶŐĂĚĞƐĐƌŝƉƚŝŽŶŽĨǁŚĂƚtŽƌŬ ŚĂƐ ďĞĞŶƉĞƌĨŽƌŵĞĚ͕ƚŚĞ ϳ "!#       CAG-25-323 W'Ϯ K&ϭϬ ŶĂŵĞŽĨƚŚĞƉĞƌƐŽŶŶĞůƉĞƌĨŽƌŵŝŶŐƐƵĐŚtŽƌŬ͕ĂŶĚĂŶLJŚŽƵƌůLJůĂďŽƌĐŚĂƌŐĞƌĂƚĞĨŽƌ ƐƵĐŚƉĞƌƐŽŶŶĞů͘dŚĞŽŶƐƵůƚĂŶƚƐŚĂůůĂůƐŽƐƵďŵŝƚĂĨŝŶĂůďŝůůƵƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůů tŽƌŬ͘WĂLJŵĞŶƚƐŚĂůůďĞŵĂĚĞďLJƚŚĞŝƚLJĨŽƌtŽƌŬ ƉĞƌĨŽƌŵĞĚǁŝƚŚŝŶƚŚŝƌƚLJ;ϯϬͿ ĐĂůĞŶĚĂƌĚĂLJƐĂĨƚĞƌƌĞĐĞŝƉƚĂŶĚĂƉƉƌŽǀĂůďLJƚŚĞĂƉƉƌŽƉƌŝĂƚĞŝƚLJƌĞƉƌĞƐĞŶƚĂƚŝǀĞŽĨƚŚĞ ǀŽƵĐŚĞƌŽƌŝŶǀŽŝĐĞ͘/ĨƚŚĞŽŶƐƵůƚĂŶƚ͛ƐƉĞƌĨŽƌŵĂŶĐĞ ĚŽĞƐ ŶŽƚŵĞĞƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ƚŚĞŽŶƐƵůƚĂŶƚǁŝůůĐŽƌƌĞĐƚŽƌŵŽĚŝĨLJŝƚƐƉĞƌĨŽƌŵĂŶĐĞƚŽĐŽŵƉůLJ ǁŝƚŚƚŚĞŐƌĞĞŵĞŶƚ͘dŚĞŝƚLJŵĂLJǁŝƚŚŚŽůĚƉĂLJŵĞŶƚĨŽƌǁŽƌŬƚŚĂƚĚŽĞƐŶŽƚŵĞĞƚƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ ͘ ĨĨĞĐƚŽĨWĂLJŵĞŶƚ͘WĂLJŵĞŶƚĨŽƌĂŶLJƉĂƌƚŽĨƚŚĞtŽƌŬƐŚĂůůŶŽƚĐŽŶƐƚŝƚƵƚĞĂǁĂŝǀĞƌďLJ ƚŚĞ ŝƚLJ ŽĨ ĂŶLJ ƌĞŵĞĚŝĞƐ ŝƚ ŵĂLJ ŚĂǀĞ ĂŐĂŝŶƐƚ ƚŚĞ ŽŶƐƵůƚĂŶƚ ĨŽƌĨĂŝůƵƌĞŽĨƚŚĞ ŽŶƐƵůƚĂŶƚ ƚŽ ƉĞƌĨŽƌŵ ƚŚĞ tŽƌŬ Žƌ ĨŽƌ ĂŶLJ ďƌĞĂĐŚ ŽĨ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ďLJ ƚŚĞ ŽŶƐƵůƚĂŶƚ͘ ͘ EŽŶͲƉƉƌŽƉƌŝĂƚŝŽŶŽĨ&ƵŶĚƐ͘/ĨƐƵĨĨŝĐŝĞŶƚĨƵŶĚƐĂƌĞŶŽƚĂƉƉƌŽƉƌŝĂƚĞĚŽƌĂůůŽĐĂƚĞĚĨŽƌ ƉĂLJŵĞŶƚƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚĨŽƌĂŶLJĨƵƚƵƌĞĨŝƐĐĂůƉĞƌŝŽĚ͕ƚŚĞŝƚLJƐŚĂůůŶŽƚďĞ ŽďůŝŐĂƚĞĚƚŽŵĂŬĞƉĂLJŵĞŶƚƐĨŽƌtŽƌŬ ŽƌĂŵŽƵŶƚƐŝŶĐƵƌƌĞĚĂĨƚĞƌƚŚĞĞŶĚŽĨƚŚĞ ĐƵƌƌĞŶƚĨŝƐĐĂůƉĞƌŝŽĚ͕ĂŶĚƚŚŝƐŐƌĞĞŵĞŶƚǁŝůůƚĞƌŵŝŶĂƚĞƵƉŽŶƚŚĞĐŽŵƉůĞƚŝŽŶŽĨĂůů ƌĞŵĂŝŶŝŶŐtŽƌŬ ĨŽƌǁŚŝĐŚĨƵŶĚƐĂƌĞĂůůŽĐĂƚĞĚ͘EŽƉĞŶĂůƚLJŽƌĞdžƉĞŶƐĞƐŚĂůůĂĐĐƌƵĞƚŽ ƚŚĞŝƚLJŝŶƚŚĞĞǀĞŶƚƚŚŝƐƉƌŽǀŝƐŝŽŶĂƉƉůŝĞƐ͘ ϱ͘ dĞƌŵŝŶĂƚŝŽŶ͗ ͘ dŚĞŝƚLJƌĞƐĞƌǀĞƐƚŚĞƌŝŐŚƚƚŽƚĞƌŵŝŶĂƚĞƚŚŝƐŐƌĞĞŵĞŶƚĂƚĂŶLJƚŝŵĞ͕ǁŝƚŚŽƌǁŝƚŚŽƵƚ ĐĂƵƐĞďLJŐŝǀŝŶŐƚĞŶ;ϭϬͿĐĂůĞŶĚĂƌĚĂLJƐ͛ŶŽƚŝĐĞƚŽƚŚĞŽŶƐƵůƚĂŶƚŝŶǁƌŝƚŝŶŐ͘/ŶƚŚĞĞǀĞŶƚ ŽĨƐƵĐŚƚĞƌŵŝŶĂƚŝŽŶŽƌƐƵƐƉĞŶƐŝŽŶ͕ĂůůĨŝŶŝƐŚĞĚŽƌƵŶĨŝŶŝƐŚĞĚĚŽĐƵŵĞŶƚƐ͕ĚĂƚĂ͕ƐƚƵĚŝĞƐ͕ ǁŽƌŬƐŚĞĞƚƐ͕ ŵŽĚĞůƐ ĂŶĚ ƌĞƉŽƌƚƐ͕ Žƌ ŽƚŚĞƌ ŵĂƚĞƌŝĂů ƉƌĞƉĂƌĞĚ ďLJ ƚŚĞ ŽŶƐƵůƚĂŶƚ ƉƵƌƐƵĂŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞ ƐƵďŵŝƚƚĞĚƚŽƚŚĞŝƚLJ͕ŝĨĂŶLJĂƌĞƌĞƋƵŝƌĞĚĂƐƉĂƌƚ ŽĨƚŚĞtŽƌŬ͘ ͘ /ŶƚŚĞĞǀĞŶƚƚŚŝƐŐƌĞĞŵĞŶƚŝƐƚĞƌŵŝŶĂƚĞĚďLJƚŚĞŝƚLJ͕ƚŚĞŽŶƐƵůƚĂŶƚƐŚĂůůďĞĞŶƚŝƚůĞĚ ƚŽƉĂLJŵĞŶƚĨŽƌĂůůŚŽƵƌƐǁŽƌŬĞĚƚŽƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨƚĞƌŵŝŶ ĂƚŝŽŶ͕ůĞƐƐĂůůƉĂLJŵĞŶƚƐ ƉƌĞǀŝŽƵƐůLJŵĂĚĞ͘/ĨƚŚĞŐƌĞĞŵĞŶƚŝƐƚĞƌŵŝŶĂƚĞĚďLJƚŚĞŝƚLJĂĨƚĞƌƉĂƌƚŝĂůƉĞƌĨŽƌŵĂŶĐĞ ŽĨtŽƌŬĨŽƌǁŚŝĐŚƚŚĞĂŐƌĞĞĚĐŽŵƉĞŶƐĂƚŝŽŶŝƐ ĂĨŝdžĞĚĨĞĞ͕ƚŚĞŝƚLJƐŚĂůůƉĂLJƚŚĞ ŽŶƐƵůƚĂŶƚĂŶĞƋƵŝƚĂďůĞƐŚĂƌĞŽĨƚŚĞĨŝdžĞĚĨĞĞ͘dŚŝƐƉƌŽǀŝƐŝŽŶƐŚĂůůŶŽƚƉƌĞǀĞŶƚƚŚĞ ŝƚLJĨƌŽŵƐĞĞŬŝŶŐĂŶLJůĞŐĂůƌĞŵĞĚŝĞƐŝƚŵĂLJŚĂǀĞĨŽƌƚŚĞǀŝŽůĂƚŝŽŶŽƌŶŽŶƉĞƌĨŽƌŵĂŶĐĞ ŽĨĂŶLJŽĨƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚĂŶĚƐƵĐŚĐŚĂƌŐĞƐĚƵĞƚŽƚŚĞŝƚLJƐŚĂůůďĞ ĚĞĚƵĐƚĞĚĨƌŽŵƚŚĞĨŝŶĂůƉĂLJŵĞŶƚĚƵĞƚŚĞŽŶƐƵůƚĂŶƚ͘EŽƉĂLJŵĞŶƚƐŚĂůůďĞŵĂĚĞďLJ ƚŚĞŝƚLJĨŽƌĂŶLJĞdžƉĞŶƐĞƐŝŶĐƵƌƌĞĚŽƌǁŽƌŬĚŽŶĞĨŽůůŽǁŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨ ƚĞƌŵŝŶĂƚŝŽŶƵŶůĞƐƐĂƵƚŚŽƌŝnjĞĚŝŶĂĚǀĂŶĐĞŝŶǁƌŝƚŝŶŐďLJƚŚĞŝƚLJ͘ ϲ͘ tĂƌƌĂŶƚŝĞƐŶĚZŝŐŚƚdŽhƐĞtŽƌŬWƌŽĚƵĐƚ͗ ŽŶƐƵůƚĂŶƚƌĞƉƌĞƐĞŶƚƐĂŶĚǁĂƌƌĂŶƚƐƚŚĂƚ ŽŶƐƵůƚĂŶƚ ǁŝůů ƉĞƌĨŽƌŵ Ăůů tŽƌŬ ŝĚĞŶƚŝĨŝĞĚ ŝŶ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ŝŶ Ă ƉƌŽĨĞƐƐŝŽŶĂů ĂŶĚ "!#        W'ϯ K&ϭϬ ǁŽƌŬŵĂŶůŝŬĞŵĂŶŶĞƌĂŶĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂůůƌĞĂƐŽŶĂďůĞĂŶĚƉƌŽĨĞƐƐŝŽŶĂůƐƚĂŶĚĂƌĚƐ ĂŶĚůĂǁƐ͘ ŽŵƉůŝĂŶĐĞǁŝƚŚƉƌŽĨĞƐƐŝŽŶĂůƐƚĂŶĚĂƌĚƐŝŶĐůƵĚĞƐ͕ĂƐĂƉƉůŝĐĂďůĞ͕ƉĞƌĨŽƌŵŝŶŐƚŚĞ tŽƌŬ ŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞŝƚLJƐƚĂŶĚĂƌĚƐŽƌŐƵŝĚĞůŝŶĞƐ;Ğ͘Ő͘ĚĞƐŝŐŶĐƌŝƚĞƌŝĂĂŶĚ ^ƚĂŶĚĂƌĚWůĂŶƐĨŽƌZŽĂĚ͕ƌŝĚŐĞ ĂŶĚDƵŶŝĐŝƉĂůŽŶƐƚƌƵĐƚŝŽŶͿ͘WƌŽĨĞƐƐŝŽŶĂůĞŶŐŝŶĞĞƌƐƐŚĂůů ĐĞƌƚŝĨLJĞŶŐŝŶĞĞƌŝŶŐƉůĂŶƐ͕ƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͕ƉůĂƚƐ͕ĂŶĚƌĞƉŽƌƚƐ͕ĂƐĂƉƉůŝĐĂďůĞ͕ƉƵƌƐƵĂŶƚƚŽ Ztϭϴ͘ϰϯ͘ϬϳϬ͘ŽŶƐƵůƚĂŶƚĨƵƌƚŚĞƌƌĞƉƌĞƐĞŶƚƐĂŶĚǁĂƌƌĂŶƚƐƚŚĂƚĂůůĨŝŶĂůǁŽƌŬƉƌŽĚƵĐƚ ĐƌĞĂƚĞĚĨŽƌĂŶĚĚĞůŝǀĞƌĞĚƚŽƚŚĞŝƚLJƉƵƌƐƵĂŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞƚŚĞŽƌŝŐŝŶĂůǁŽƌŬ ŽĨƚŚĞŽŶƐƵůƚĂŶƚ ĂŶĚĨƌĞĞĨƌŽŵĂŶLJŝŶƚĞůůĞĐƚƵĂůƉƌŽƉĞƌƚLJĞŶĐƵŵďƌĂŶĐĞǁŚŝĐŚǁŽƵůĚ ƌĞƐƚƌŝĐƚ ƚŚĞ ŝƚLJĨƌŽŵ ƵƐŝŶŐ ƚŚĞ ǁŽƌŬ ƉƌŽĚƵĐƚ͘ ŽŶƐƵůƚĂŶƚ ŐƌĂŶƚƐ ƚŽ ƚŚĞ ŝƚLJ Ă ŶŽŶͲ ĞdžĐůƵƐŝǀĞ͕ƉĞƌƉĞƚƵĂůƌŝŐŚƚĂŶĚůŝĐĞŶƐĞƚŽƵƐĞ͕ƌĞƉƌŽĚƵĐĞ͕ĚŝƐƚƌŝďƵƚĞ͕ĂĚĂƉƚ͕ŵŽĚŝĨLJ͕ĂŶĚ ĚŝƐƉůĂLJĂůůĨŝŶĂůǁŽƌŬƉƌŽĚƵĐƚ ƉƌŽĚƵĐĞĚƉƵƌƐƵĂŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚ͘ dŚĞŝƚLJ͛ƐŽƌŽƚŚĞƌ͛Ɛ ĂĚĂƉƚĂƚŝŽŶ͕ŵŽĚŝĨŝĐĂƚŝŽŶŽƌƵƐĞŽĨƚŚĞĨŝŶĂůǁŽƌŬƉƌŽĚƵĐƚƐŽƚŚĞƌƚŚĂŶĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨ ƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞǁŝƚŚŽƵƚůŝĂďŝůŝƚLJƚŽƚŚĞŽŶƐƵůƚĂŶƚ͘dŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐƐĞĐƚŝŽŶ ƐŚĂůůƐƵƌǀŝǀĞƚŚĞĞdžƉŝƌĂƚŝŽŶŽƌƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ ϳ͘ ZĞĐŽƌĚ DĂŝŶƚĞŶĂŶĐĞ͗ dŚĞ ŽŶƐƵůƚĂŶƚ ƐŚĂůů ŵĂŝŶƚĂŝŶ ĂĐĐŽƵŶƚƐ ĂŶĚ ƌĞĐŽƌĚƐ͕ ǁŚŝĐŚ ƉƌŽƉĞƌůLJ ƌĞĨůĞĐƚ Ăůů ĚŝƌĞĐƚ ĂŶĚ ŝŶĚŝƌĞĐƚ ĐŽƐƚƐ ĞdžƉĞŶĚĞĚ ĂŶĚ tŽƌŬƉƌŽǀŝĚĞĚŝŶƚŚĞ ƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚ ĂŶĚ ƌĞƚĂŝŶƐƵĐŚƌĞĐŽƌĚƐĨŽƌĂƐůŽŶŐĂƐŵĂLJďĞƌĞƋƵŝƌĞĚďLJ ĂƉƉůŝĐĂďůĞtĂƐŚŝŶŐƚŽŶ^ƚĂƚĞƌĞĐŽƌĚƐƌĞƚĞŶƚŝŽŶůĂǁƐ͕ďƵƚŝŶĂŶLJĞǀĞŶƚŶŽůĞƐƐƚŚĂŶƐŝdž LJĞĂƌƐĂĨƚĞƌƚŚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘dŚĞŽŶƐƵůƚĂŶƚĂŐƌĞĞƐƚŽƉƌŽǀŝĚĞĂĐĐĞƐƐ ƚŽ ĂŶĚĐŽƉŝĞƐŽĨĂŶLJƌĞĐŽƌĚƐƌĞůĂƚĞĚƚŽƚŚŝƐŐƌĞĞŵĞŶƚĂƐƌĞƋƵŝƌĞĚďLJƚŚĞŝƚLJƚŽĂƵĚŝƚ ĞdžƉĞŶĚŝƚƵƌĞƐĂŶĚĐŚĂƌŐĞƐĂŶĚͬŽƌƚŽĐŽŵƉůLJǁŝƚŚƚŚĞtĂƐŚŝŶŐƚŽŶ^ƚĂƚĞWƵďůŝĐZĞĐŽƌĚƐĐƚ ;ŚĂƉƚĞƌ ϰϮ͘ϱϲ ZtͿ͘ dŚĞ ƉƌŽǀŝƐŝŽŶƐ ŽĨ ƚŚŝƐ ƐĞĐƚŝŽŶ ƐŚĂůů ƐƵƌǀŝǀĞ ƚŚĞ ĞdžƉŝƌĂƚŝŽŶ Žƌ ƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ ϴ͘ WƵďůŝĐZĞĐŽƌĚƐŽŵƉůŝĂŶĐĞ͗dŽƚŚĞĨƵůůĞdžƚĞŶƚƚŚĞŝƚLJĚĞƚĞƌŵŝŶĞƐŶĞĐĞƐƐĂƌLJƚŽĐŽŵƉůLJ ǁŝƚŚƚŚĞtĂƐŚŝŶŐƚŽŶ^ƚĂƚĞWƵďůŝĐZĞĐŽƌĚƐĐƚ͕ŽŶƐƵůƚĂŶƚƐŚĂůůŵĂŬĞĂĚƵĞĚŝůŝŐĞŶƚƐĞĂƌĐŚ ŽĨ Ăůů ƌĞĐŽƌĚƐ ŝŶ ŝƚƐ ƉŽƐƐĞƐƐŝŽŶ Žƌ ĐŽŶƚƌŽů ƌĞůĂƚŝŶŐƚŽ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ĂŶĚ ƚŚĞ tŽƌŬ͕ ŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ĞͲŵĂŝů͕ĐŽƌƌĞƐƉŽŶĚĞŶĐĞ͕ŶŽƚĞƐ͕ƐĂǀĞĚƚĞůĞƉŚŽŶĞŵĞƐƐĂŐĞƐ͕ ƌĞĐŽƌĚŝŶŐƐ͕ƉŚŽƚŽƐ͕ŽƌĚƌĂǁŝŶŐƐĂŶĚƉƌŽǀŝĚĞƚŚĞŵƚŽƚŚĞŝƚLJĨŽƌƉƌŽĚƵĐƚŝŽŶ͘/ŶƚŚĞĞǀĞŶƚ ŽŶƐƵůƚĂŶƚ ďĞůŝĞǀĞƐ ƐĂŝĚ ƌĞĐŽƌĚƐ ŶĞĞĚ ƚŽ ďĞ ƉƌŽƚĞĐƚĞĚ ĨƌŽŵ ĚŝƐĐůŽƐƵƌĞ͕ ŝƚ ŵĂLJ͕ Ăƚ ŽŶƐƵůƚĂŶƚ͛ƐŽǁŶĞdžƉĞŶƐĞ͕ƐĞĞŬũƵĚŝĐŝĂůƉƌŽƚĞĐƚŝŽŶ͘ŽŶƐƵůƚĂŶƚƐŚĂůůŝŶĚĞŵŶŝĨLJ͕ĚĞĨĞŶĚ͕ ĂŶĚŚŽůĚŚĂƌŵůĞƐƐƚŚĞŝƚLJĨŽƌĂůůĐŽƐƚƐ͕ŝŶĐůƵĚŝŶŐĂƚƚŽƌŶĞLJƐ͛ĨĞĞƐ͕ĂƚƚĞŶĚĂŶƚƚŽĂŶLJĐůĂŝŵ ŽƌůŝƚŝŐĂƚŝŽŶƌĞůĂƚĞĚƚŽĂWƵďůŝĐZĞĐŽƌĚƐĐƚƌĞƋƵĞƐƚĨŽƌǁŚŝĐŚŽŶƐƵůƚĂŶƚŚĂƐƌĞƐƉŽŶƐŝǀĞ ƌĞĐŽƌĚƐĂŶĚĨŽƌǁŚŝĐŚŽŶƐƵůƚĂŶƚŚĂƐǁŝƚŚŚĞůĚƌĞĐŽƌĚƐŽƌŝŶĨŽƌŵĂƚŝŽŶĐŽŶƚĂŝŶĞĚƚŚĞƌĞŝŶ͕ Žƌ ŶŽƚ ƉƌŽǀŝĚĞĚ ƚŚĞŵ ƚŽ ƚŚĞ ŝƚLJ ŝŶ Ă ƚŝŵĞůLJ ŵĂŶŶĞƌ͘ ŽŶƐƵůƚĂŶƚƐŚĂůů ƉƌŽĚƵĐĞ ĨŽƌ ĚŝƐƚƌŝďƵƚŝŽŶĂŶLJĂŶĚĂůůƌĞĐŽƌĚƐƌĞƐƉŽŶƐŝǀĞƚŽƚŚĞWƵďůŝĐZĞĐŽƌ ĚƐĐƚƌĞƋƵĞƐƚŝŶĂƚŝŵĞůLJ ŵĂŶŶĞƌ͕ƵŶůĞƐƐƚŚŽƐĞƌĞĐŽƌĚƐĂƌĞƉƌŽƚĞĐƚĞĚďLJĐŽƵƌƚŽƌĚĞƌ͘ dŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐƐĞĐƚŝŽŶ ƐŚĂůůƐƵƌǀŝǀĞƚŚĞĞdžƉŝƌĂƚŝŽŶŽƌƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ ϵ͘ /ŶĚĞƉĞŶĚĞŶƚŽŶƚƌĂĐƚŽƌ ZĞůĂƚŝŽŶƐŚŝƉ͗ "!#        W'ϰ K&ϭϬ ͘ dŚĞŽŶƐƵůƚĂŶƚŝƐƌĞƚĂŝŶĞĚďLJƚŚĞŝƚLJŽŶůLJĨŽƌƚŚĞƉƵƌƉŽƐĞƐĂŶĚƚŽƚŚĞĞdžƚĞŶƚƐĞƚĨŽƌƚŚ ŝŶƚŚŝƐŐƌĞĞŵĞŶƚ͘dŚĞŶĂƚƵƌĞŽĨƚŚĞƌĞůĂƚŝŽŶƐŚŝƉďĞƚǁĞĞŶƚŚĞŽŶƐƵůƚĂŶƚĂŶĚƚŚĞŝƚLJ ĚƵƌŝŶŐ ƚŚĞ ƉĞƌŝŽĚ ŽĨ ƚŚĞ tŽƌŬ ƐŚĂůů ďĞ ƚŚĂƚ ŽĨ ĂŶ ŝŶĚĞƉĞŶĚĞŶƚ ĐŽŶƚƌĂĐƚŽƌ͕ ŶŽƚ ĞŵƉůŽLJĞĞ͘dŚĞŽŶƐƵůƚĂŶƚ͕ŶŽƚƚŚĞŝƚLJ͕ƐŚĂůůŚĂǀĞƚŚĞƉŽǁĞƌƚŽĐŽŶƚƌŽůĂŶĚĚŝƌĞĐƚƚŚĞ ĚĞƚĂŝůƐ͕ŵĂŶŶĞƌŽƌŵĞĂŶƐŽĨtŽƌŬ͘^ƉĞĐŝĨŝĐĂůůLJ͕ďƵƚŶŽƚďLJŵĞĂŶƐŽĨůŝŵŝƚĂƚŝŽŶ͕ƚŚĞ ŽŶƐƵůƚĂŶƚ ƐŚĂůů ŚĂǀĞ ŶŽ ŽďůŝŐĂƚŝŽŶ ƚŽ ǁŽƌŬ ĂŶLJ ƉĂƌƚŝĐƵůĂƌ ŚŽƵƌƐ Žƌ ƉĂƌƚŝĐƵůĂƌ ƐĐŚĞĚƵůĞ͕ ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞŝŶĚŝĐĂƚĞĚŝŶƚŚĞ^ĐŽƉĞŽĨtŽƌŬŽƌǁŚĞƌĞƐĐŚĞĚƵůŝŶŐŽĨ ĂƚƚĞŶĚĂŶĐĞŽƌƉĞƌĨŽƌŵĂŶĐĞŝƐŵƵƚƵĂůůLJĂƌƌĂŶŐĞĚĚƵĞƚŽƚŚĞŶĂƚƵƌĞŽĨƚŚĞtŽƌŬ͘ ŽŶƐƵůƚĂŶƚƐŚĂůůƌĞƚĂŝŶƚŚĞƌŝŐŚƚƚŽĚĞƐŝŐŶĂƚĞƚŚĞŵĞĂŶƐŽĨƉĞƌĨŽƌŵŝŶŐƚŚĞtŽƌŬ ĐŽǀĞƌĞĚďLJƚŚŝƐĂŐƌĞĞŵĞŶƚ͕ĂŶĚƚŚĞŽŶƐƵůƚĂŶƚƐŚĂůůďĞĞŶƚŝƚůĞĚƚŽĞŵƉůŽLJŽƚŚĞƌ ǁŽƌŬĞƌƐĂƚƐƵĐŚĐŽŵƉĞŶƐĂƚŝŽŶĂŶĚƐƵĐŚŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐĂƐŝƚŵĂLJĚĞĞŵƉƌŽƉĞƌ͕ ƉƌŽǀŝĚĞĚ͕ŚŽǁĞǀĞƌ͕ƚŚĂƚĂŶLJĐŽŶƚƌĂĐƚƐŽŵĂĚĞďLJƚŚĞŽŶƐƵůƚĂŶƚŝƐƚŽďĞƉĂŝĚďLJŝƚ ĂůŽŶĞ͕ĂŶĚƚŚĂƚĞŵƉůŽLJŝŶŐƐƵĐŚǁŽƌŬĞƌƐ͕ŝƚŝƐĂĐƚŝŶŐŝŶĚŝǀŝĚƵĂůůLJĂŶĚŶŽƚĂƐĂŶĂŐĞŶƚ ĨŽƌƚŚĞŝƚLJ͘ ͘ dŚĞŝƚLJƐŚĂůůŶŽƚďĞƌĞƐƉŽŶƐŝďůĞĨŽƌǁŝƚŚŚŽůĚŝŶŐŽƌŽƚŚĞƌǁŝƐĞĚĞĚƵĐƚŝŶŐĨĞĚĞƌĂů ŝŶĐŽŵĞ ƚĂdž Žƌ ^ŽĐŝĂů ^ĞĐƵƌŝƚLJ Žƌ ĐŽŶƚƌŝďƵƚŝŶŐ ƚŽ ƚŚĞ ^ƚĂƚĞ /ŶĚƵƐƚƌŝĂů /ŶƐƵƌĂŶĐĞ WƌŽŐƌĂŵ͕ŽƌŽƚŚĞƌǁŝƐĞĂƐƐƵŵŝŶŐƚŚĞĚƵƚŝĞƐŽĨĂŶĞŵƉůŽLJĞƌǁŝƚŚƌĞƐƉĞĐƚƚŽŽŶƐƵůƚĂŶƚ ŽƌĂŶLJĞŵƉůŽLJĞĞŽĨƚŚĞŽŶƐƵůƚĂŶƚ͘ ͘ /ĨƚŚĞŽŶƐƵůƚĂŶƚŝƐĂƐŽůĞƉƌŽƉƌŝĞƚŽƌƐŚŝƉŽƌŝĨƚŚŝƐŐƌĞĞŵĞŶƚŝƐǁŝƚŚĂŶŝŶĚŝǀŝĚƵĂů͕ƚŚĞ ŽŶƐƵůƚĂŶƚĂŐƌĞĞƐƚŽŶŽƚŝĨLJƚŚĞŝƚLJĂŶĚĐŽŵƉůĞƚĞĂŶLJƌĞƋƵŝƌĞĚĨŽƌŵŝĨƚŚĞŽŶƐƵůƚĂŶƚ ƌĞƚŝƌĞĚƵŶĚĞƌĂ^ƚĂƚĞŽĨtĂƐŚŝŶŐƚŽŶƌĞƚŝƌĞŵĞŶƚƐLJƐƚĞŵĂŶĚĂŐƌĞĞƐƚŽŝŶĚĞŵŶŝĨLJĂŶLJ ůŽƐƐĞƐƚŚĞŝƚLJŵĂLJƐƵƐƚĂŝŶƚŚƌŽƵŐŚƚŚĞŽŶƐƵůƚĂŶƚ͛ƐĨĂŝůƵƌĞƚŽĚŽƐŽ͘ ϭϬ͘ ,ŽůĚ,ĂƌŵůĞƐƐ͗ dŚĞŽŶƐƵůƚĂŶƚĂŐƌĞĞƐƚŽƌĞůĞĂƐĞ͕ŝŶĚĞŵŶŝĨLJ͕ĚĞĨĞŶĚ͕ĂŶĚŚŽůĚŚĂƌŵůĞƐƐ ƚŚĞŝƚLJ͕ĞůĞĐƚĞĚŽĨĨŝĐŝĂůƐ͕ĞŵƉůŽLJĞĞƐ͕ŽĨĨŝĐĞƌƐ͕ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ĂŶĚǀŽůƵŶƚĞĞƌƐ ĨƌŽŵĂŶLJ ĂŶĚ Ăůů ĐůĂŝŵƐ͕ ĚĞŵĂŶĚƐ͕ ĂĐƚŝŽŶƐ͕ ƐƵŝƚƐ͕ ĐĂƵƐĞƐ ŽĨ ĂĐƚŝŽŶ͕ ĂƌďŝƚƌĂƚŝŽŶƐ͕ ŵĞĚŝĂƚŝŽŶƐ͕ ƉƌŽĐĞĞĚŝŶŐƐ͕ũƵĚŐŵĞŶƚƐ͕ĂǁĂƌĚƐ͕ŝŶũƵƌŝĞƐ͕ĚĂŵĂŐĞƐ͕ůŝĂďŝůŝƚŝĞƐ͕ƚĂdžĞƐ͕ůŽƐƐĞƐ͕ĨŝŶĞƐ͕ĨĞĞƐ͕ ƉĞŶĂůƚŝĞƐ͕ ĞdžƉĞŶƐĞƐ͕ĂƚƚŽƌŶĞLJ͛ƐŽƌĂƚƚŽƌŶĞLJƐ͛ĨĞĞƐ͕ĐŽƐƚƐ͕ĂŶĚͬŽƌůŝƚŝŐĂƚŝŽŶĞdžƉĞŶƐĞƐƚŽŽƌ ďLJĂŶLJĂŶĚĂůůƉĞƌƐŽŶƐŽƌĞŶƚŝƚŝĞƐ͕ĂƌŝƐŝŶŐĨƌŽŵ͕ƌĞƐƵůƚŝŶŐĨƌŽŵ͕ŽƌƌĞůĂƚĞĚƚŽƚŚĞ ŶĞŐůŝŐĞŶƚ ĂĐƚƐ͕ĞƌƌŽƌƐŽƌŽŵŝƐƐŝŽŶƐŽĨƚŚĞŽŶƐƵůƚĂŶƚŝŶŝƚƐƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚ ŽƌĂ ďƌĞĂĐŚŽĨƚŚŝƐŐƌĞĞŵĞŶƚďLJŽŶƐƵůƚĂŶƚ͕ĞdžĐĞƉƚĨŽƌƚŚĂƚƉŽƌƚŝŽŶŽĨƚŚĞĐůĂŝŵƐĐĂƵƐĞĚďLJ ƚŚĞŝƚLJ͛ƐƐŽůĞŶĞŐůŝŐĞŶĐĞ͘ ^ŚŽƵůĚĂĐŽƵƌƚŽĨĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶĚĞƚĞƌŵŝŶĞƚŚĂƚƚŚŝƐĂŐ ƌĞĞŵĞŶƚŝƐƐƵďũĞĐƚƚŽZt ϰ͘Ϯϰ͘ϭϭϱ͕;sĂůŝĚŝƚLJŽĨĂŐƌĞĞŵĞŶƚƚŽŝŶĚĞŵŶŝĨLJĂŐĂŝŶƐƚůŝĂďŝůŝƚLJĨŽƌŶĞŐůŝŐĞŶĐĞƌĞůĂƚŝǀĞƚŽ ĐŽŶƐƚƌƵĐƚŝŽŶ͕ĂůƚĞƌĂƚŝŽŶ͕ŝŵƉƌŽǀĞŵĞŶƚ͕ĞƚĐ͕͘ŽĨƐƚƌƵĐƚƵƌĞŽƌŝŵƉƌŽǀĞŵĞŶƚĂƚƚĂĐŚĞĚƚŽƌĞĂů ĞƐƚĂƚĞ͙ͿƚŚĞŶ͕ŝŶƚŚĞĞǀĞŶƚŽĨůŝĂďŝůŝƚLJĨŽƌĚĂŵĂŐĞƐĂƌŝƐŝŶŐŽƵƚŽĨďŽĚŝůLJŝŶũƵƌLJƚŽƉĞƌƐŽŶƐ ŽƌĚĂŵĂŐĞƐƚŽƉƌŽƉĞƌƚLJĐĂƵƐĞĚďLJŽƌƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞĐŽŶĐƵƌƌĞŶƚŶĞŐůŝŐĞŶĐĞŽĨƚŚĞ ŽŶƐƵůƚĂŶƚĂŶĚƚŚĞŝƚLJ͕ŝƚƐŽĨĨŝĐĞƌƐ͕ŽĨĨŝĐŝĂůƐ͕ĞŵƉůŽLJĞĞƐĂŶĚǀŽůƵŶƚĞĞƌƐ͕ŽŶƐƵůƚĂŶƚ͛Ɛ ůŝĂďŝůŝƚLJƐŚĂůůďĞŽŶůLJƚŽƚŚĞĞdžƚĞŶƚŽĨŽŶƐƵůƚĂŶƚ͛ƐŶĞŐůŝŐĞŶĐĞ͘ "!#        W'ϱ K&ϭϬ /ƚŝƐĨƵƌƚŚĞƌƐƉĞĐŝĨŝĐĂůůLJĂŶĚĞdžƉƌĞƐƐůLJƵŶĚĞƌƐƚŽŽĚƚŚĂƚƚŚĞŝŶĚĞŵŶŝĨŝĐĂƚŝŽŶƉƌŽǀŝĚĞĚŝŶ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ĐŽŶƐƚŝƚƵƚĞ ŽŶƐƵůƚĂŶƚ͛Ɛ ǁĂŝǀĞƌ ŽĨ ŝŵŵƵŶŝƚLJ ƵŶĚĞƌ ƚŚĞ /ŶĚƵƐƚƌŝĂů /ŶƐƵƌĂŶĐĞĐƚ͕ZtdŝƚůĞϱϭ͕ƐŽůĞůLJĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƚŚŝƐŝŶĚĞŵŶŝĨŝĐĂƚŝŽŶ͘dŚĞWĂƌƚŝĞƐ ŚĂǀĞŵƵƚƵĂůůLJŶĞŐŽƚŝĂƚĞĚĂŶĚĂŐƌĞĞĚƚŽƚŚŝƐǁĂŝǀĞƌ͘dŚĞƉƌŽǀŝƐŝŽŶƐŽĨƚŚŝƐƐĞĐƚŝŽŶƐŚĂůů ƐƵƌǀŝǀĞƚŚĞĞdžƉŝƌĂƚŝŽŶŽƌƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ ϭϭ͘ 'ŝĨƚƐĂŶĚŽŶĨůŝĐƚƐ͗ dŚĞŝƚLJ͛ƐŽĚĞŽĨƚŚŝĐƐĂŶĚtĂƐŚŝŶŐƚŽŶ^ƚĂƚĞůĂǁƉƌŽŚŝďŝƚŝƚLJ ĞŵƉůŽLJĞĞƐĨƌŽŵƐŽůŝĐŝƚŝŶŐ͕ĂĐĐĞƉƚŝŶŐ͕ŽƌƌĞĐĞŝǀŝŶŐĂŶLJŐŝĨƚ͕ŐƌĂƚƵŝƚLJŽƌĨĂǀŽƌĨƌŽŵĂŶLJ ƉĞƌƐŽŶ͕ĨŝƌŵŽƌĐŽƌƉŽƌĂƚŝŽŶŝŶǀŽůǀĞĚŝŶĂĐŽŶƚƌĂĐƚŽƌƚƌĂŶƐĂĐƚŝŽŶ͘dŽĞŶƐƵƌĞĐŽŵƉůŝĂŶĐĞ ǁŝƚŚƚŚĞŝƚLJ͛Ɛ ŽĚĞŽĨƚŚŝĐƐĂŶĚƐƚĂƚĞůĂǁ͕ƚŚĞŽŶƐƵůƚĂŶƚƐŚĂůůŶŽƚŐŝǀĞĂŐŝĨƚŽĨĂŶLJŬŝŶĚ ƚŽŝƚLJĞŵƉůŽLJĞĞƐŽƌŽĨĨŝĐŝĂůƐ͘ ŽŶƐƵůƚĂŶƚĂůƐŽĐŽŶĨŝƌŵƐƚŚĂƚŽŶƐƵůƚĂŶƚĚŽĞƐŶŽƚŚĂǀĞĂ ďƵƐŝŶĞƐƐŝŶƚĞƌĞƐƚŽƌĂĐůŽƐĞĨĂŵŝůLJƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚĂŶLJŝƚLJŽĨĨŝĐĞƌŽƌĞŵƉůŽLJĞĞǁŚŽǁĂƐ͕ ŝƐ͕ Žƌ ǁŝůů ďĞ ŝŶǀŽůǀĞĚ ŝŶ ƐĞůĞĐƚŝŶŐ ƚŚĞ ŽŶƐƵůƚĂŶƚ͕ ŶĞŐŽƚŝĂƚŝŶŐ Žƌ ĂĚŵŝŶŝƐƚĞƌŝŶŐ ƚŚŝƐ ŐƌĞĞŵĞŶƚ͕ŽƌĞǀĂůƵĂƚŝŶŐƚŚĞŽŶƐƵůƚĂŶƚ͛ƐƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞtŽƌŬ͘ ϭϮ͘ ŝƚLJ ŽĨ ZĞŶƚŽŶ ƵƐŝŶĞƐƐ >ŝĐĞŶƐĞ͗ hŶůĞƐƐ ĞdžĞŵƉƚĞĚ ďLJ ƚŚĞ ZĞŶƚŽŶ DƵŶŝĐŝƉĂů ŽĚĞ͕ ŽŶƐƵůƚĂŶƚƐŚĂůůŽďƚĂŝŶĂŝƚLJŽĨZĞŶƚŽŶƵƐŝŶĞƐƐ>ŝĐĞŶƐĞƉƌŝŽƌƚŽƉĞƌĨŽƌŵŝŶŐĂŶLJtŽƌŬ ĂŶĚ ŵĂŝŶƚĂŝŶ ƚŚĞ ďƵƐŝŶĞƐƐ ůŝĐĞŶƐĞ ŝŶ ŐŽŽĚ ƐƚĂŶĚŝŶŐ ƚŚƌŽƵŐŚŽƵƚ ƚŚĞ ƚĞƌŵ ŽĨ ƚŚŝƐ ĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞŝƚLJ͘ /ŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐĂĐƋƵŝƌŝŶŐĂĐŝƚLJďƵƐŝŶĞƐƐůŝĐĞŶƐĞ ĐĂŶďĞĨŽƵŶĚĂƚ͗ ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƌĞŶƚŽŶǁĂ͘ŐŽǀͬdĂdž /ŶĨŽƌŵĂƚŝŽŶƌĞŐĂƌĚŝŶŐ^ƚĂƚĞďƵƐŝŶĞƐƐůŝĐĞŶƐŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĐĂŶďĞĨŽƵŶĚĂƚ͗ ŚƚƚƉƐ͗ͬͬĚŽƌ͘ǁĂ͘ŐŽǀͬĚŽŝŶŐͲďƵƐŝŶĞƐƐͬƌĞŐŝƐƚĞƌͲŵLJͲďƵƐŝŶĞƐƐ ϭϯ͘ /ŶƐƵƌĂŶĐĞ͗ ŽŶƐƵůƚĂŶƚƐŚĂůůƐĞĐƵƌĞĂŶĚŵĂŝŶƚĂŝŶ͗ ͘ ŽŵŵĞƌĐŝĂůŐĞŶĞƌĂůůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞŝŶƚŚĞŵŝŶŝŵƵŵĂŵŽƵŶƚƐŽĨΨϭ͕ϬϬϬ͕ϬϬϬĨŽƌ ĞĂĐŚŽĐĐƵƌƌĞŶĐĞͬΨϮ͕ϬϬϬ͕ϬϬϬĂŐŐƌĞŐĂƚĞĨŽƌƚŚĞdĞƌŵŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͘ ͘ /Ŷ ƚŚĞ ĞǀĞŶƚ ƚŚĂƚ tŽƌŬ ĚĞůŝǀĞƌĞĚ ƉƵƌƐƵĂŶƚ ƚŽ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ĞŝƚŚĞƌ ĚŝƌĞĐƚůLJ Žƌ ŝŶĚŝƌĞĐƚůLJŝŶǀŽůǀĞŽƌƌĞƋƵŝƌĞWƌŽĨĞƐƐŝŽŶĂů^ĞƌǀŝĐĞƐ͕WƌŽĨĞƐƐŝŽŶĂů>ŝĂďŝůŝƚLJ͕ƌƌŽƌƐĂŶĚ KŵŝƐƐŝŽŶƐ ĐŽǀĞƌĂŐĞ ƐŚĂůů ďĞ ƉƌŽǀŝĚĞĚ ǁŝƚŚ ŵŝŶŝŵƵŵ ůŝŵŝƚƐ ŽĨ Ψϭ͕ϬϬϬ͕ϬϬϬ ƉĞƌ ŽĐĐƵƌƌĞŶĐĞĐůĂŝŵĂŶĚŽŶƐƵůƚĂŶƚƐŚĂůůŵĂŝŶƚĂŝŶƚŚĞƌĞƋƵŝƌĞĚĐŽǀĞƌĂŐĞĨŽƌĂƉĞƌŝŽĚŽĨ ƚŚƌĞĞ;ϯͿLJĞĂƌƐĂĨƚĞƌƚŚĞĞdžƉŝƌĂƚŝŽŶŽĨƚŚŝƐŽŶƚƌĂĐƚ͘ΗWƌŽĨĞƐƐŝŽŶĂů^ĞƌǀŝĐĞƐΗ͕ĨŽƌƚŚĞ ƉƵƌƉŽƐĞŽĨƚŚŝƐƐĞĐƚŝŽŶ͕ƐŚĂůůŵĞĂŶĂŶLJtŽƌŬ ƉƌŽǀŝĚĞĚďLJĂůŝĐĞŶƐĞĚƉƌŽĨĞƐƐŝŽŶĂůŽƌ tŽƌŬ ƚŚĂƚƌĞƋƵŝƌĞƐ ĂƉƌŽĨĞƐƐŝŽŶĂůƐƚĂŶĚĂƌĚŽĨĐĂƌĞ͘ ͘ tŽƌŬĞƌƐ͛ĐŽŵƉĞŶƐĂƚŝŽŶĐŽǀĞƌĂŐĞ͕ĂƐƌĞƋƵŝƌĞĚďLJƚŚĞ/ŶĚƵƐƚƌŝĂů/ŶƐƵƌĂŶĐĞůĂǁƐŽĨƚŚĞ ^ƚĂƚĞŽĨtĂƐŚŝŶŐƚŽŶ͕ƐŚĂůůĂůƐŽďĞƐĞĐƵƌĞĚ͘ "!#        W'ϲ K&ϭϬ ͘ ŽŵŵĞƌĐŝĂůƵƚŽŵŽďŝůĞ>ŝĂďŝůŝƚLJĨŽƌŽǁŶĞĚ͕ůĞĂƐĞĚ͕ŚŝƌĞĚŽƌŶŽŶͲŽǁŶĞĚ͕ůĞĂƐĞĚ͕ŚŝƌĞĚ ŽƌŶŽŶͲŽǁŶĞĚ͕ǁŝƚŚŵŝŶŝŵƵŵůŝŵŝƚƐŽĨΨϭ͕ϬϬϬ͕ϬϬϬƉĞƌŽĐĐƵƌƌĞŶĐĞĐŽŵďŝŶĞĚƐŝŶŐůĞ ůŝŵŝƚ͕ŝĨƚŚĞƌĞǁŝůůďĞĂŶLJƵƐĞŽĨŽŶƐƵůƚĂŶƚ͛ƐǀĞŚŝĐůĞƐŽŶƚŚĞŝƚLJ͛ƐWƌĞŵŝƐĞƐďLJŽƌŽŶ ďĞŚĂůĨŽĨƚŚĞŝƚLJ͕ďĞLJŽŶĚŶŽƌŵĂůĐŽŵŵƵƚĞƐ͘ ͘ ŽŶƐƵůƚĂŶƚƐŚĂůůŶĂŵĞƚŚĞŝƚLJĂƐĂŶĚĚŝƚŝŽŶĂů/ŶƐƵƌĞĚŽŶŝƚƐĐŽŵŵĞƌĐŝĂůŐĞŶĞƌĂů ůŝĂďŝůŝƚLJƉŽůŝĐLJŽŶĂŶŽŶͲĐŽŶƚƌŝďƵƚŽƌLJƉƌŝŵĂƌLJďĂƐŝƐ͘dŚĞŝƚLJ͛ƐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐƐŚĂůů ŶŽƚďĞĂƐŽƵƌĐĞĨŽƌƉĂLJŵĞŶƚŽĨĂŶLJŽŶƐƵůƚĂŶƚůŝĂďŝůŝƚLJ͕ŶŽƌƐŚĂůůƚŚĞŵĂŝŶƚĞŶĂŶĐĞŽĨ ĂŶLJ ŝŶƐƵƌĂŶĐĞ ƌĞƋƵŝƌĞĚ ďLJ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ďĞ ĐŽŶƐƚƌƵĞĚ ƚŽ ůŝŵŝƚƚŚĞ ůŝĂďŝůŝƚLJ ŽĨ ŽŶƐƵůƚĂŶƚƚŽƚŚĞĐŽǀĞƌĂŐĞƉƌŽǀŝĚĞĚďLJƐƵĐŚŝŶƐƵƌĂŶĐĞŽƌŽƚŚĞƌǁŝƐĞůŝŵŝƚƚŚĞŝƚLJ͛Ɛ ƌĞĐŽƵƌƐĞƚŽĂŶLJƌĞŵĞĚLJĂǀĂŝůĂďůĞĂƚůĂǁŽƌŝŶĞƋƵŝƚLJ͘ &͘ ^ƵďũĞĐƚƚŽƚŚĞŝƚLJ͛ƐƌĞǀŝĞǁĂŶĚĂĐĐĞƉƚĂŶĐĞ͕ĂĐĞƌƚŝĨŝĐĂƚĞŽĨŝŶƐƵƌĂŶĐĞƐŚŽǁŝŶŐƚŚĞ ƉƌŽƉĞƌĞŶĚŽƌƐĞŵĞŶƚƐ͕ƐŚĂůůďĞĚĞůŝǀĞƌĞĚƚŽƚŚĞŝƚLJďĞĨŽƌĞƉĞƌĨŽƌŵŝŶŐƚŚĞtŽƌŬ͘ '͘ ŽŶƐƵůƚĂŶƚƐŚĂůůƉƌŽǀŝĚĞƚŚĞŝƚLJǁŝƚŚǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨĂŶLJƉŽůŝĐLJĐĂŶĐĞůůĂƚŝŽŶ͕ǁŝƚŚŝŶ ƚǁŽ;ϮͿďƵƐŝŶĞƐƐĚĂLJƐŽĨƚŚĞŝƌƌĞĐĞŝƉƚŽĨƐƵĐŚŶŽƚŝĐĞ͘ ,͘ dŚĞŽŶƚĂĐƚŽƌƐŚĂůůĐŽŶƚƌĂĐƚƵĂůůLJƌĞƋƵŝƌĞĂŶĚǀĞƌŝĨLJƚŚĂƚĂůů^ƵďĐŽŶƚƌĂĐƚŽƌƐŵĂŝŶƚĂŝŶ ƚŚĞƐĂŵĞƚLJƉĞƐĂŶĚůŝŵŝƚƐŽĨŝŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞĚŽĨŽŶƚƌĂĐƚŽƌƵŶĚĞƌƚŚŝƐĐŽŶƚƌĂĐƚĂŶĚ ŵĞĞƚŝŶŐĂůůƚŚĞ/ŶĚĞŵŶŝƚLJĂŶĚ/ŶƐƵƌĂŶĐĞƌĞƋƵŝƌĞŵĞŶƚƐĂƉƉůŝĐĂďůĞƚŽƚŚĞŝƌƐĐŽƉĞŽĨ ǁŽƌŬ ƐƚĂƚĞĚ ŚĞƌĞŝŶ ĂŶĚ ƉƌŽǀŝĚĞ ƉƌŽŽĨ ŽĨ ƐƵĐŚ ƵƉŽŶ ƌĞƋƵĞƐƚ ƚŽ ƚŚĞ ŶƚŝƚLJ͘ /Ŷ ĐŽŶŶĞĐƚŝŽŶǁŝƚŚƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌƐ͛ĐŽŵŵĞƌĐŝĂů ŐĞŶĞƌĂůůŝĂďŝůŝƚLJŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͕ ŽŶƚƌĂĐƚŽƌƐŚĂůůĂůƐŽƌĞƋƵŝƌĞŝƚƐƐƵďĐŽŶƚƌĂĐƚŽƌƐƉƌŽǀŝĚĞĞŶĚŽƌƐĞŵĞŶƚƐ;ŝͿEĂŵŝŶŐ WƌŽũĞĐƚŽǁŶĞƌĂƐĂŶĂĚĚŝƚŝŽŶĂůŝŶƐƵƌĞĚ;ŝŝͿŐƌĞĞŝŶŐƚŚĂƚƚŚĞƐƵďĐŽŶƚƌĂĐƚŽƌ͛ƐĐŽǀĞƌĂŐĞ ƐŚĂůůďĞƉƌŝŵĂƌLJĂŶĚƐŚĂůůŶŽƚƌĞƋƵŝƌĞĐŽŶƚƌŝďƵƚŝŽŶĨƌŽŵWƌŽũĞĐƚŽǁŶĞƌ͛ƐŝŶƐƵƌĂŶĐĞŽƌ ƐĞůĨͲŝŶƐƵƌĂŶĐĞƉƌŽŐƌĂŵ;ŝŝŝͿtĂŝǀĞƌŽĨƐƵďƌŽŐĂƚŝŽŶƌŝŐŚƚƐŝŶĨĂǀŽƌŽĨWƌŽũĞĐƚŽǁŶĞƌ͘ ϭϰ͘ ĞůĂLJƐ͗ ŽŶƐƵůƚĂŶƚ ŝƐ ŶŽƚ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ĚĞůĂLJƐ ĐĂƵƐĞĚ ďLJ ĨĂĐƚŽƌƐ ďĞLJŽŶĚ ƚŚĞ ŽŶƐƵůƚĂŶƚ͛ƐƌĞĂƐŽŶĂďůĞĐŽŶƚƌŽů͘tŚĞŶƐƵĐŚĚĞůĂLJƐďĞLJŽŶĚƚŚĞŽŶƐƵůƚĂŶƚ͛ƐƌĞĂƐŽŶĂďůĞ ĐŽŶƚƌŽůŽĐĐƵƌ͕ƚŚĞŝƚLJĂŐƌĞĞƐƚŚĞŽŶƐƵůƚĂŶƚŝƐŶŽƚƌĞƐƉŽŶƐŝďůĞĨŽƌĚĂŵĂŐĞƐ͕ŶŽƌƐŚĂůůƚŚĞ ŽŶƐƵůƚĂŶƚďĞĚĞĞŵĞĚƚŽďĞŝŶĚĞĨĂƵůƚŽĨƚŚĞŐƌĞĞŵĞŶƚ͘ ϭϱ͘ ^ƵĐĐĞƐƐŽƌƐĂŶĚƐƐŝŐŶƐ͗ EĞŝƚŚĞƌƚŚĞŝƚLJŶŽƌƚŚĞŽŶƐƵůƚĂŶƚƐŚĂůůĂƐƐŝŐŶ͕ƚƌĂŶƐĨĞƌŽƌ ĞŶĐƵŵďĞƌĂŶLJƌŝŐŚƚƐ͕ĚƵƚŝĞƐŽƌŝŶƚĞƌĞƐƚƐĂĐĐƌƵŝŶŐĨƌŽŵƚŚŝƐŐƌĞĞŵĞŶƚ ǁŝƚŚŽƵƚ ƚŚĞ ǁƌŝƚƚĞŶĐŽŶƐĞŶƚŽĨƚŚĞŽƚŚĞƌ͘ ϭϲ͘ EŽƚŝĐĞƐ͗ ŶLJŶŽƚŝĐĞƌĞƋƵŝƌĞĚƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚǁŝůůďĞŝŶǁƌŝƚŝŶŐ͕ĂĚĚƌĞƐƐĞĚƚŽƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞƉĂƌƚLJĂƚƚŚĞĂĚĚƌĞƐƐǁŚŝĐŚĂƉƉĞĂƌƐďĞůŽǁ;ĂƐŵŽĚŝĨŝĞĚŝŶǁƌŝƚŝŶŐĨƌŽŵƚŝŵĞ ƚŽƚŝŵĞďLJƐƵĐŚƉĂƌƚLJͿ͕ĂŶĚŐŝǀĞŶƉĞƌƐŽŶĂůůLJ͕ďLJƌĞŐŝƐƚĞƌĞĚŽƌĐĞƌƚŝĨŝĞĚŵĂŝů͕ƌĞƚƵƌŶƌĞĐĞŝƉƚ ƌĞƋƵĞƐƚĞĚ͕ďLJĨĂĐƐŝŵŝůĞŽƌďLJŶĂƚŝŽŶĂůůLJƌĞĐŽŐŶŝnjĞĚŽǀĞƌŶŝŐŚƚĐŽƵƌŝĞƌƐĞƌǀŝĐĞ͘dŝŵĞƉĞƌŝŽĚ ĨŽƌ ŶŽƚŝĐĞƐ ƐŚĂůů ďĞĚĞĞŵĞĚƚŽŚĂǀĞ ĐŽŵŵĞŶĐĞĚƵƉŽŶƚŚĞ ĚĂƚĞ ŽĨƌĞĐĞŝƉƚ͕ yWd "!#        W'ϳ K&ϭϬ ĨĂĐƐŝŵŝůĞĚĞůŝǀĞƌLJǁŝůůďĞĚĞĞŵĞĚƚŽŚĂǀĞĐŽŵŵĞŶĐĞĚŽŶƚŚĞĨŝƌƐƚďƵƐŝŶĞƐƐĚĂLJĨŽůůŽǁŝŶŐ ƚƌĂŶƐŵŝƐƐŝŽŶ͘ ŵĂŝů ĂŶĚ ƚĞůĞƉŚŽŶĞ ŵĂLJ ďĞ ƵƐĞĚ ĨŽƌ ƉƵƌƉŽƐĞƐ ŽĨ ĂĚŵŝŶŝƐƚĞƌŝŶŐ ƚŚĞ ŐƌĞĞŵĞŶƚ͕ďƵƚƐŚŽƵůĚŶŽƚďĞƵƐĞĚƚŽŐŝǀĞĂŶLJĨŽƌŵĂůŶŽƚŝĐĞƌĞƋƵŝƌĞĚďLJƚŚĞŐƌĞĞŵĞŶƚ͘ /dzK&ZEdKE :ĂƌĞĚDĐŽŶĂůĚ͕W ϭϬϱϱ^ŽƵƚŚ'ƌĂĚLJtĂLJ ZĞŶƚŽŶ͕tϵϴϬϱϳ WŚŽŶĞ͗;ϰϮϱͿϰϯϬͲϳϮϵϯ ũŵĐĚŽŶĂůĚΛƌĞŶƚŽŶǁĂ͘ŐŽǀ &Ădž͗;ϰϮϱͿϰϯϬͲϳϮϰϭ KE^h>dEd ŽďdŚĂLJŶĞ͕W͘͘ ϵϲϬϬEĂƐĐĂĚĞƐWĂƌŬǁĂLJ͕^ƵŝƚĞϭϬϬ WŽƌƚůĂŶĚ͕KZϵϳϮϮϬ WŚŽŶĞ͗;ϱϬϯͿϱϰϴͲϭϰϵϰ Žď͘dŚĂLJŶĞΛŵĞĂĚŚƵŶƚ͘ĐŽŵ &Ădž͗Eͬ ϭϳ͘ ŝƐĐƌŝŵŝŶĂƚŝŽŶWƌŽŚŝďŝƚĞĚ͗džĐĞƉƚƚŽƚŚĞĞdžƚĞŶƚƉĞƌŵŝƚƚĞĚďLJĂďŽŶĂĨŝĚĞŽĐĐƵƉĂƚŝŽŶĂů ƋƵĂůŝĨŝĐĂƚŝŽŶ͕ƚŚĞŽŶƐƵůƚĂŶƚĂŐƌĞĞƐĂƐĨŽůůŽǁƐ͗ ͘ ŽŶƐƵůƚĂŶƚ͕ ĂŶĚ ŽŶƐƵůƚĂŶƚ͛Ɛ ĂŐĞŶƚƐ͕ ĞŵƉůŽLJĞĞƐ͕ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐ͕ ĂŶĚ ǀŽůƵŶƚĞĞƌƐ ǁŝƚŚƌĞŐĂƌĚƚŽƚŚĞtŽƌŬ ƉĞƌĨŽƌŵĞĚŽƌƚŽďĞƉĞƌĨŽƌŵĞĚƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͕ƐŚĂůů ŶŽƚĚŝƐĐƌŝŵŝŶĂƚĞŽŶƚŚĞďĂƐŝƐŽĨƌĂĐĞ͕ĐŽůŽƌ͕ƐĞdž͕ƌĞůŝŐŝŽŶ͕ŶĂƚŝŽŶĂůŝƚLJ͕ĐƌĞĞĚ͕ŵĂƌŝƚĂů ƐƚĂƚƵƐ͕ƐĞdžƵĂůŽƌŝĞŶƚĂƚŝŽŶŽƌƉƌĞĨĞƌĞŶĐĞ͕ĂŐĞ;ĞdžĐĞƉƚŵŝŶŝŵƵŵĂŐĞĂŶĚƌĞƚŝƌĞŵĞŶƚ ƉƌŽǀŝƐŝŽŶƐͿ͕ŚŽŶŽƌĂďůLJĚŝƐĐŚĂƌŐĞĚǀĞƚĞƌĂŶŽƌŵŝůŝƚĂƌLJƐƚĂƚƵƐ͕ŽƌƚŚĞƉƌĞƐĞŶĐĞŽĨĂŶLJ ƐĞŶƐŽƌLJ͕ŵĞŶƚĂůŽƌƉŚLJƐŝĐĂůŚĂŶĚŝĐĂƉ͕ƵŶůĞƐƐďĂƐĞĚƵƉŽŶĂďŽŶĂĨŝĚĞŽĐĐƵƉĂƚŝŽŶĂů ƋƵĂůŝĨŝĐĂƚŝŽŶŝŶƌĞůĂƚŝŽŶƐŚŝƉƚŽŚŝƌŝŶŐĂŶĚĞŵƉůŽLJŵĞŶƚ͕ŝŶĞŵƉůŽLJŵĞŶƚŽƌĂƉƉůŝĐĂƚŝŽŶ ĨŽƌĞŵƉůŽLJŵĞŶƚ͕ƚŚĞĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨƚŚĞĚĞůŝǀĞƌLJŽĨtŽƌŬ ŽƌĂŶLJŽƚŚĞƌďĞŶĞĨŝƚƐ ƵŶĚĞƌƚŚŝƐŐƌĞĞŵĞŶƚ͕ŽƌƉƌŽĐƵƌĞŵĞŶƚŽĨŵĂƚĞƌŝĂůƐŽƌƐƵƉƉůŝĞƐ͘ ͘ dŚĞŽŶƐƵůƚĂŶƚǁŝůůƚĂŬĞĂĨĨŝƌŵĂƚŝǀĞĂĐƚŝŽŶƚŽŝŶƐƵƌĞƚŚĂƚĂƉƉůŝĐĂŶƚƐĂƌĞĞŵƉůŽLJĞĚĂŶĚ ƚŚĂƚĞŵƉůŽLJĞĞƐĂƌĞƚƌĞĂƚĞĚĚƵƌŝŶŐĞŵƉůŽLJŵĞŶƚǁŝƚŚŽƵƚƌĞŐĂƌĚƚŽƚŚĞŝƌƌĂĐĞ͕ĐƌĞĞĚ͕ ĐŽůŽƌ͕ ŶĂƚŝŽŶĂů ŽƌŝŐŝŶ͕ ƐĞdž͕ ĂŐĞ͕ ƐĞdžƵĂů ŽƌŝĞŶƚĂƚŝŽŶ͕ ƉŚLJƐŝĐĂů͕ ƐĞŶƐŽƌLJ Žƌ ŵĞŶƚĂů ŚĂŶĚŝĐĂƉƐ͕ŽƌŵĂƌŝƚĂůƐƚĂƚƵƐ͘^ƵĐŚĂĐƚŝŽŶƐŚĂůůŝŶĐůƵĚĞ͕ďƵƚŶŽƚďĞůŝŵŝƚĞĚƚŽƚŚĞ ĨŽůůŽǁŝŶŐĞŵƉůŽLJŵĞŶƚ͕ƵƉŐƌĂĚŝŶŐ͕ĚĞŵŽƚŝŽŶŽƌƚƌĂŶƐĨĞƌ͕ƌĞĐƌƵŝƚŵĞŶƚŽƌƌĞĐƌƵŝƚŵĞŶƚ ĂĚǀĞƌƚŝƐŝŶŐ͕ůĂLJŽĨĨŽƌƚĞƌŵŝŶĂƚŝŽŶ͕ƌĂƚĞƐŽĨƉĂLJŽƌŽƚŚĞƌĨŽƌŵƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶĂŶĚ ƐĞůĞĐƚŝŽŶĨŽƌƚƌĂŝŶŝŶŐ͘ ͘ /ĨƚŚĞŽŶƐƵůƚĂŶƚĨĂŝůƐƚŽĐŽŵƉůLJǁŝƚŚĂŶLJŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͛ƐŶŽŶͲĚŝƐĐƌŝŵŝŶĂƚŝŽŶ ƉƌŽǀŝƐŝŽŶƐ͕ƚŚĞŝƚLJƐŚĂůůŚĂǀĞƚŚĞƌŝŐŚƚ͕ĂƚŝƚƐŽƉƚŝŽŶ͕ƚŽĐĂŶĐĞůƚŚĞŐƌĞĞŵĞŶƚŝŶ ǁŚŽůĞŽƌŝŶƉĂƌƚ͘ ͘ dŚĞŽŶƐƵůƚĂŶƚŝƐƌĞƐƉŽŶƐŝďůĞƚŽďĞĂǁĂƌĞŽĨĂŶĚŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĂůůĨĞĚĞƌĂů͕ƐƚĂƚĞ ĂŶĚůŽĐĂůůĂǁƐĂŶĚƌĞŐƵůĂƚŝŽŶƐƚŚĂƚŵĂLJĂĨĨĞĐƚƚŚĞƐĂƚŝƐĨĂĐƚŽƌLJĐŽŵƉůĞƚŝŽŶŽĨƚŚĞ ƉƌŽũĞĐƚ͕ǁŚŝĐŚŝŶĐůƵĚĞƐďƵƚŝƐŶŽƚůŝŵŝƚĞĚƚŽĨĂŝƌůĂďŽƌůĂǁƐ͕ ǁŽƌŬĞƌΖƐĐŽŵƉĞŶƐĂƚŝŽŶ͕ ĂŶĚdŝƚůĞs/ŽĨƚŚĞ&ĞĚĞƌĂůŝǀŝůZŝŐŚƚƐĐƚŽĨϭϵϲϰ͕ĂŶĚǁŝůůĐŽŵƉůLJǁŝƚŚŝƚLJŽĨZĞŶƚŽŶ ŽƵŶĐŝůZĞƐŽůƵƚŝŽŶEƵŵďĞƌϰϬϴϱ͘ "!#        W'ϴ K&ϭϬ ϭϴ͘ DŝƐĐĞůůĂŶĞŽƵƐ͗dŚĞƉĂƌƚŝĞƐŚĞƌĞďLJĂĐŬŶŽǁůĞĚŐĞ͗ ͘ dŚĞŝƚLJŝƐŶŽƚƌĞƐƉŽŶƐŝďůĞƚŽƚƌĂŝŶŽƌƉƌŽǀŝĚĞƚƌĂŝŶŝŶŐĨŽƌŽŶƐƵůƚĂŶƚ͘ ͘ ŽŶƐƵůƚĂŶƚǁŝůůŶŽƚďĞƌĞŝŵďƵƌƐĞĚĨŽƌũŽďƌĞůĂƚĞĚĞdžƉĞŶƐĞƐ ĞdžĐĞƉƚƚŽƚŚĞĞdžƚĞŶƚ ƐƉĞĐŝĨŝĐĂůůLJĂŐƌĞĞĚǁŝƚŚŝŶƚŚĞĂƚƚĂĐŚĞĚĞdžŚŝďŝƚƐ͘ ͘ ŽŶƐƵůƚĂŶƚƐŚĂůůĨƵƌŶŝƐŚĂůůƚŽŽůƐĂŶĚͬŽƌŵĂƚĞƌŝĂůƐŶĞĐĞƐƐĂƌLJƚŽƉĞƌĨŽƌŵƚŚĞ tŽƌŬ ĞdžĐĞƉƚƚŽƚŚĞĞdžƚĞŶƚƐƉĞĐŝĨŝĐĂůůLJĂŐƌĞĞĚǁŝƚŚŝŶƚŚĞĂƚƚĂĐŚĞĚĞdžŚŝďŝƚƐ͘ ͘ /ŶƚŚĞĞǀĞŶƚƐƉĞĐŝĂůƚƌĂŝŶŝŶŐ͕ůŝĐĞŶƐŝŶŐ͕ŽƌĐĞƌƚŝĨŝĐĂƚŝŽŶŝƐƌĞƋƵŝƌĞĚĨŽƌŽŶƐƵůƚĂŶƚƚŽ ƉƌŽǀŝĚĞtŽƌŬ ŚĞͬƐŚĞǁŝůůĂĐƋƵŝƌĞŽƌŵĂŝŶƚĂŝŶƐƵĐŚĂƚŚŝƐͬŚĞƌŽǁŶĞdžƉĞŶƐĞĂŶĚ͕ŝĨ ŽŶƐƵůƚĂŶƚĞŵƉůŽLJƐ͕ƐƵďͲĐŽŶƚƌĂĐƚƐ͕ŽƌŽƚŚĞƌǁŝƐĞĂƐƐŝŐŶƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJƚŽƉĞƌĨŽƌŵ ƚŚĞtŽƌŬ͕ƐĂŝĚĞŵƉůŽLJĞĞͬƐƵďͲĐŽŶƚƌĂĐƚŽƌͬĂƐƐŝŐŶĞĞǁŝůůĂĐƋƵŝƌĞĂŶĚŽƌŵĂŝŶƚĂŝŶƐƵĐŚ ƚƌĂŝŶŝŶŐ͕ůŝĐĞŶƐŝŶŐ͕ŽƌĐĞƌƚŝĨŝĐĂƚŝŽŶ͘ ͘ dŚŝƐŝƐĂŶŽŶͲĞdžĐůƵƐŝǀĞĂŐƌĞĞŵĞŶƚ ĂŶĚŽŶƐƵůƚĂŶƚŝƐĨƌĞĞƚŽƉƌŽǀŝĚĞŚŝƐͬŚĞƌtŽƌŬ ƚŽ ŽƚŚĞƌĞŶƚŝƚŝĞƐ͕ƐŽůŽŶŐĂƐƚŚĞƌĞŝƐŶŽŝŶƚĞƌƌƵƉƚŝŽŶŽƌŝŶƚĞƌĨĞƌĞŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶŽĨ tŽƌŬ ĐĂůůĞĚĨŽƌŝŶƚŚŝƐŐƌĞĞŵĞŶƚ͘ &͘ ŽŶƐƵůƚĂŶƚŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌŚŝƐͬŚĞƌŽǁŶŝŶƐƵƌĂŶĐĞ͕ŝŶĐůƵĚŝŶŐ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ ŚĞĂůƚŚŝŶƐƵƌĂŶĐĞ͘ '͘ ŽŶƐƵůƚĂŶƚŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌŚŝƐͬŚĞƌŽǁŶtŽƌŬĞƌ͛ƐŽŵƉĞŶƐĂƚŝŽŶĐŽǀĞƌĂŐĞĂƐǁĞůůĂƐ ƚŚĂƚĨŽƌĂŶLJƉĞƌƐŽŶƐĞŵƉůŽLJĞĚďLJƚŚĞŽŶƐƵůƚĂŶƚ͘ ϭϵ͘ KƚŚĞƌWƌŽǀŝƐŝŽŶƐ͗ ͘ ƉƉƌŽǀĂůƵƚŚŽƌŝƚLJ͘ĂĐŚŝŶĚŝǀŝĚƵĂů ĞdžĞĐƵƚŝŶŐƚŚŝƐŐƌĞĞŵĞŶƚŽŶďĞŚĂůĨŽĨƚŚĞŝƚLJ ĂŶĚŽŶƐƵůƚĂŶƚƌĞƉƌĞƐĞŶƚƐĂŶĚǁĂƌƌĂŶƚƐƚŚĂƚƐƵĐŚŝŶĚŝǀŝĚƵĂůƐĂƌĞĚƵůLJĂƵƚŚŽƌŝnjĞĚƚŽ ĞdžĞĐƵƚĞĂŶĚĚĞůŝǀĞƌƚŚŝƐŐƌĞĞŵĞŶƚŽŶďĞŚĂůĨŽĨƚŚĞŝƚLJŽƌŽŶƐƵůƚĂŶƚ͘ ͘ 'ĞŶĞƌĂů ĚŵŝŶŝƐƚƌĂƚŝŽŶ ĂŶĚ DĂŶĂŐĞŵĞŶƚ͘ dŚĞ ŝƚLJ͛Ɛ ƉƌŽũĞĐƚ ŵĂŶĂŐĞƌ ŝƐ :ĂƌĞĚ DĐŽŶĂůĚ͕ ^ƵƌĨĂĐĞ tĂƚĞƌ hƚŝůŝƚLJ ŶŐŝŶĞĞƌ͘ /Ŷ ƉƌŽǀŝĚŝŶŐ tŽƌŬ͕ ŽŶƐƵůƚĂŶƚ ƐŚĂůů ĐŽŽƌĚŝŶĂƚĞǁŝƚŚƚŚĞŝƚLJ͛ƐĐŽŶƚƌĂĐƚŵĂŶĂŐĞƌŽƌŚŝƐͬŚĞƌĚĞƐŝŐŶĞĞ͘ ͘ ŵĞŶĚŵĞŶƚ ĂŶĚ DŽĚŝĨŝĐĂƚŝŽŶ͘ dŚŝƐ ŐƌĞĞŵĞŶƚ ŵĂLJ ďĞ ĂŵĞŶĚĞĚ ŽŶůLJďLJĂŶ ŝŶƐƚƌƵŵĞŶƚŝŶǁƌŝƚŝŶŐ͕ĚƵůLJĞdžĞĐƵƚĞĚďLJďŽƚŚWĂƌƚŝĞƐ͘ ͘ ŽŶĨůŝĐƚƐ͘ /ŶƚŚĞĞǀĞŶƚŽĨĂŶLJŝŶĐŽŶƐŝƐƚĞŶĐŝĞƐďĞƚǁĞĞŶŽŶƐƵůƚĂŶƚƉƌŽƉŽƐĂůƐĂŶĚƚŚŝƐ ŐƌĞĞŵĞŶƚ͕ƚŚĞƚĞƌŵƐŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůƉƌĞǀĂŝů͘ŶLJĞdžŚŝďŝƚƐͬĂƚƚĂĐŚŵĞŶƚƐƚŽ ƚŚŝƐŐƌĞĞŵĞŶƚĂƌĞŝŶĐŽƌƉŽƌĂƚĞĚďLJƌĞĨĞƌĞŶĐĞŽŶůLJƚŽƚŚĞĞdžƚĞŶƚŽĨƚŚĞƉƵƌƉŽƐĞĨŽƌ ǁŚŝĐŚ ƚŚĞLJ ĂƌĞ ƌĞĨĞƌĞŶĐĞĚ ǁŝƚŚŝŶ ƚŚŝƐ ŐƌĞĞŵĞŶƚ͘ dŽ ƚŚĞ ĞdžƚĞŶƚĂ ŽŶƐƵůƚĂŶƚ ƉƌĞƉĂƌĞĚĞdžŚŝďŝƚĐŽŶĨůŝĐƚƐǁŝƚŚƚŚĞƚĞƌŵƐŝŶƚŚĞďŽĚLJŽĨƚŚŝƐŐƌĞĞŵĞŶƚŽƌĐŽŶƚĂŝŶƐ "!#        W'ϵ K&ϭϬ ƚĞƌŵƐƚŚĂƚĂƌĞĞdžƚƌĂŶĞŽƵƐƚŽƚŚĞƉƵƌƉŽƐĞĨŽƌǁŚŝĐŚŝƚŝƐƌĞĨĞƌĞŶĐĞĚ͕ƚŚĞƚĞƌŵƐŝŶƚŚĞ ďŽĚLJ ŽĨ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ƐŚĂůů ƉƌĞǀĂŝů ĂŶĚ ƚŚĞ ĞdžƚƌĂŶĞŽƵƐ ƚĞƌŵƐ ƐŚĂůů ŶŽƚ ďĞ ŝŶĐŽƌƉŽƌĂƚĞĚŚĞƌĞŝŶ͘ ͘ 'ŽǀĞƌŶŝŶŐ>Ăǁ͘ dŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞŵĂĚĞŝŶĂŶĚƐŚĂůůďĞŐŽǀĞƌŶĞĚ ďLJ ĂŶĚ ŝŶƚĞƌƉƌĞƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞůĂǁƐŽĨƚŚĞ^ƚĂƚĞŽĨtĂƐŚŝŶŐƚŽŶĂŶĚƚŚĞŝƚLJŽĨ ZĞŶƚŽŶ͘ŽŶƐƵůƚĂŶƚĂŶĚĂůůŽĨƚŚĞŽŶƐƵůƚĂŶƚ͛ƐĞŵƉůŽLJĞĞƐƐŚĂůůƉĞƌĨŽƌŵƚŚĞtŽƌŬ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ Ăůů ĂƉƉůŝĐĂďůĞ ĨĞĚĞƌĂů͕ ƐƚĂƚĞ͕ ĐŽƵŶƚLJ ĂŶĚ ĐŝƚLJůĂǁƐ͕ ĐŽĚĞƐ ĂŶĚ ŽƌĚŝŶĂŶĐĞƐ͘ &͘ :ŽŝŶƚƌĂĨƚŝŶŐĨĨŽƌƚ͘dŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚĨŽƌĂůůƉƵƌƉŽƐĞƐĂƐƉƌĞƉĂƌĞĚ ďLJƚŚĞũŽŝŶƚĞĨĨŽƌƚƐŽĨƚŚĞWĂƌƚŝĞƐĂŶĚƐŚĂůůŶŽƚďĞĐŽŶƐƚƌƵĞĚĂŐĂŝŶƐƚŽŶĞƉĂƌƚLJŽƌƚŚĞ ŽƚŚĞƌ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ƚŚĞ ƉƌĞƉĂƌĂƚŝŽŶ͕ ƐƵďƐƚŝƚƵƚŝŽŶ͕ ƐƵďŵŝƐƐŝŽŶŽƌŽƚŚĞƌĞǀĞŶƚŽĨ ŶĞŐŽƚŝĂƚŝŽŶ͕ĚƌĂĨƚŝŶŐŽƌĞdžĞĐƵƚŝŽŶ͘ '͘ :ƵƌŝƐĚŝĐƚŝŽŶĂŶĚsĞŶƵĞ͘ŶLJůĂǁƐƵŝƚŽƌůĞŐĂůĂĐƚŝŽŶďƌŽƵŐŚƚďLJĂŶLJƉĂƌƚLJƚŽĞŶĨŽƌĐĞŽƌ ŝŶƚĞƌƉƌĞƚƚŚŝƐŐƌĞĞŵĞŶƚŽƌĂŶLJŽĨŝƚƐƚĞƌŵƐŽƌĐŽǀĞŶĂŶƚƐƐŚĂůůďĞďƌŽƵŐŚƚŝŶƚŚĞ<ŝŶŐ ŽƵŶƚLJ^ƵƉĞƌŝŽƌŽƵƌƚĨŽƌƚŚĞ^ƚĂƚĞŽĨtĂƐŚŝŶŐƚŽŶĂƚƚŚĞDĂůĞŶŐZĞŐŝŽŶĂů:ƵƐƚŝĐĞ ĞŶƚĞƌŝŶ<ĞŶƚ͕<ŝŶŐŽƵŶƚLJ͕tĂƐŚŝŶŐƚŽŶ͕ŽƌŝƚƐƌĞƉůĂĐĞŵĞŶƚŽƌƐƵĐĐĞƐƐŽƌ͘ ŽŶƐƵůƚĂŶƚ ŚĞƌĞďLJĞdžƉƌĞƐƐůLJĐŽŶƐĞŶƚƐƚŽƚŚĞƉĞƌƐŽŶĂůĂŶĚĞdžĐůƵƐŝǀĞũƵƌŝƐĚŝĐƚŝŽŶĂŶĚǀĞŶƵĞŽĨ ƐƵĐŚĐŽƵƌƚĞǀĞŶŝĨŽŶƐƵůƚĂŶƚŝƐĂĨŽƌĞŝŐŶĐŽƌƉŽƌĂƚŝŽŶŶŽƚƌĞŐŝƐƚĞƌĞĚǁŝƚŚƚŚĞ^ƚĂƚĞŽĨ tĂƐŚŝŶŐƚŽŶ͘ ,͘ ^ĞǀĞƌĂďŝůŝƚLJ͘ ĐŽƵƌƚŽĨĐŽŵƉĞƚĞŶƚũƵƌŝƐĚŝĐƚŝŽŶ͛ƐĚĞƚĞƌŵŝŶĂƚŝŽŶƚŚĂƚĂŶLJƉƌŽǀŝƐŝŽŶŽƌ ƉĂƌƚŽĨƚŚŝƐŐƌĞĞŵĞŶƚŝƐŝůůĞŐĂůŽƌƵŶĞŶĨŽƌĐĞĂďůĞƐŚĂůůŶŽƚĐĂŶĐĞůŽƌŝŶǀĂůŝĚĂƚĞƚŚĞ ƌĞŵĂŝŶĚĞƌŽĨƚŚŝƐŐƌĞĞŵĞŶƚ͕ǁŚŝĐŚƐŚĂůůƌĞŵĂŝŶŝŶĨƵůůĨŽƌĐĞĂŶĚĞĨĨĞĐƚ͘ /͘ ^ŽůĞĂŶĚŶƚŝƌĞŐƌĞĞŵĞŶƚ͘ dŚŝƐŐƌĞĞŵĞŶƚĐŽŶƚĂŝŶƐƚŚĞĞŶƚŝƌĞĂŐƌĞĞŵĞŶƚŽĨƚŚĞ WĂƌƚŝĞƐ ĂŶĚĂŶLJƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ Žƌ ƵŶĚĞƌƐƚĂŶĚŝŶŐƐ͕ǁŚĞƚŚĞƌ ŽƌĂůŽƌǁƌŝƚƚĞŶ͕ŶŽƚ ŝŶĐŽƌƉŽƌĂƚĞĚĂƌĞĞdžĐůƵĚĞĚ͘ :͘ dŝŵĞŝƐŽĨƚŚĞƐƐĞŶĐĞ͘dŝŵĞŝƐŽĨƚŚĞĞƐƐĞŶĐĞŽĨƚŚŝƐŐƌĞĞŵĞŶƚĂŶĚĞĂĐŚĂŶĚĂůůŽĨ ŝƚƐƉƌŽǀŝƐŝŽŶƐŝŶǁŚŝĐŚƉĞƌĨŽƌŵĂŶĐĞŝƐĂĨĂĐƚŽƌ͘ĚŚĞƌĞŶĐĞƚŽĐŽŵƉůĞƚŝŽŶĚĂƚĞƐƐĞƚ ĨŽƌƚŚŝŶƚŚĞĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞtŽƌŬ ŝƐĞƐƐĞŶƚŝĂůƚŽƚŚĞŽŶƐƵůƚĂŶƚ͛ƐƉĞƌĨŽƌŵĂŶĐĞŽĨ ƚŚŝƐŐƌĞĞŵĞŶƚ͘ <͘ dŚŝƌĚͲWĂƌƚLJĞŶĞĨŝĐŝĂƌŝĞƐ͘ EŽƚŚŝŶŐ ŝŶƚŚŝƐ ŐƌĞĞŵĞŶƚ ŝƐ ŝŶƚĞŶĚĞĚ ƚŽ͕ ŶŽƌ ƐŚĂůůďĞ ĐŽŶƐƚƌƵĞĚƚŽŐŝǀĞĂŶLJƌŝŐŚƚƐŽƌďĞŶĞĨŝƚƐŝŶƚŚĞŐƌĞĞŵĞŶƚƚŽĂŶLJŽŶĞŽƚŚĞƌƚŚĂŶƚŚĞ WĂƌƚŝĞƐ͕ĂŶĚĂůůĚƵƚŝĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐƵŶĚĞƌƚĂŬĞŶƉƵƌƐƵĂŶƚƚŽƚŚŝƐŐƌĞĞŵĞŶƚǁŝůů ďĞĨŽƌƚŚĞƐŽůĞĂŶĚĞdžĐůƵƐŝǀĞďĞŶĞĨŝƚŽĨƚŚĞWĂƌƚŝĞƐĂŶĚŶŽŽŶĞĞůƐĞ͘ "!#        W'ϭϬ K&ϭϬ >͘ ŝŶĚŝŶŐĨĨĞĐƚ͘dŚĞWĂƌƚŝĞƐĞĂĐŚďŝŶĚƚŚĞŵƐĞůǀĞƐ͕ƚŚĞŝƌƉĂƌƚŶĞƌƐ͕ƐƵĐĐĞƐƐŽƌƐ͕ĂƐƐŝŐŶƐ͕ ĂŶĚůĞŐĂůƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐƚŽƚŚĞŽƚŚĞƌƉĂƌƚLJƚŽƚŚŝƐŐƌĞĞŵĞŶƚ͕ĂŶĚƚŽƚŚĞƉĂƌƚŶĞƌƐ͕ ƐƵĐĐĞƐƐŽƌƐ͕ĂƐƐŝŐŶƐ͕ĂŶĚůĞŐĂůƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐŽĨƐƵĐŚŽƚŚĞƌƉĂƌƚLJǁŝƚŚƌĞƐƉĞĐƚƚŽĂůů ĐŽǀĞŶĂŶƚƐŽĨƚŚĞŐƌĞĞŵĞŶƚ͘ D͘ tĂŝǀĞƌƐ͘ůůǁĂŝǀĞƌƐƐŚĂůůďĞŝŶǁƌŝƚŝŶŐĂŶĚƐŝŐŶĞĚďLJƚŚĞǁĂŝǀŝŶŐƉĂƌƚLJ͘ŝƚŚĞƌƉĂƌƚLJ͛Ɛ ĨĂŝůƵƌĞƚŽĞŶĨŽƌĐĞĂŶLJƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚƐŚĂůůŶŽƚďĞĂǁĂŝǀĞƌĂŶĚƐŚĂůůŶŽƚ ƉƌĞǀĞŶƚĞŝƚŚĞƌƚŚĞŝƚLJŽƌŽŶƐƵůƚĂŶƚĨƌŽŵĞŶĨŽƌĐŝŶŐƚŚĂƚƉƌŽǀŝƐŝŽŶŽƌĂŶLJŽƚŚĞƌ ƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐŐƌĞĞŵĞŶƚŝŶƚŚĞĨƵƚƵƌĞ͘tĂŝǀĞƌŽĨďƌĞĂĐŚŽĨĂŶLJƉƌŽǀŝƐŝŽŶŽĨƚŚŝƐ ŐƌĞĞŵĞŶƚƐŚĂůůŶŽƚďĞĚĞĞŵĞĚƚŽďĞĂǁĂŝǀĞƌŽĨĂŶLJƉƌŝŽƌŽƌƐƵďƐĞƋƵĞŶƚďƌĞĂĐŚ ƵŶůĞƐƐŝƚŝƐĞdžƉƌĞƐƐůLJǁĂŝǀĞĚŝŶǁƌŝƚŝŶŐ͘ E͘ ŽƵŶƚĞƌƉĂƌƚƐ͘ dŚĞ WĂƌƚŝĞƐ ŵĂLJ ĞdžĞĐƵƚĞ ƚŚŝƐ ŐƌĞĞŵĞŶƚ ŝŶ ĂŶLJ ŶƵŵďĞƌ ŽĨ ĐŽƵŶƚĞƌƉĂƌƚƐ͕ĞĂĐŚŽĨǁŚŝĐŚƐŚĂůůĐŽŶƐƚŝƚƵƚĞĂŶŽƌŝŐŝŶĂů͕ĂŶĚĂůůŽĨǁŚŝĐŚǁŝůůƚŽŐĞƚŚĞƌ ĐŽŶƐƚŝƚƵƚĞƚŚŝƐŽŶĞŐƌĞĞŵĞŶƚ͘ /Et/dE^^t,ZK&͕ƚŚĞWĂƌƚŝĞƐŚĂǀĞǀŽůƵŶƚĂƌŝůLJĞŶƚĞƌĞĚŝŶƚŽƚŚŝƐŐƌĞĞŵĞŶƚĂƐŽĨƚŚĞĚĂƚĞ ůĂƐƚƐŝŐŶĞĚďLJƚŚĞWĂƌƚŝĞƐďĞůŽǁ͘ /dzK&ZEdKE LJ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ KE^h>dEd LJ͗ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ƌŵŽŶĚŽWĂǀŽŶĞ DĂLJŽƌ ŽďdŚĂLJŶĞ sŝĐĞWƌĞƐŝĚĞŶƚ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĂƚĞ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ ĂƚĞ ƚƚĞƐƚ ͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺͺ :ĂƐŽŶ͘^ĞƚŚ ŝƚLJůĞƌŬ ƉƉƌŽǀĞĚĂƐƚŽ>ĞŐĂů&Žƌŵ LJ͗ͺŚĞƌLJů>͘ĞLJĞƌͺͺͺ ŚĞƌLJů>͘ĞLJĞƌ ^ĞŶŝŽƌƐƐƐƚĂŶƚŝƚLJƚƚŽƌŶĞLJ ŽŶƚƌĂĐƚdĞŵƉůĂƚĞ hƉĚĂƚĞĚϱͬϮϭͬϮϬϮϭ E^ϭϭͲϭϮͲϮϱ;ϯϲϯϮͿ "!#         $ 12/29/2025 Approved by Cheryl Beyer via email 12/29/2025 0HDGDQG+XQW_1VW6WUHHW66XLWH6HDWWOH:$__PHDGKXQWFRP 1RYHPEHU -DUHG0F'RQDOG &,7<2)5(1721 6*UDG\:D\ 5HQWRQ:$ 6XEMHFW ),1$/7D\ORU$YH3KDVH'UDLQDJH,PSURYHPHQW±3URMHFW6FRSH (;+,%,7$  'HDU-DUHG0F'RQDOG 0HDGDQG+XQW,QF &RQVXOWDQW LVSOHDVHGWRVXEPLWWKLVSURSRVDOWRSURYLGHGUDLQDJHGHVLJQVHUYLFHV IRUWKHDERYHUHIHUHQFHGSURMHFW 3URMHFW%DFNJURXQG 7KH 7D\ORU $YH 3KDVH  SURMHFW ZLOO LQYROYH GHFRPPLVVLRQLQJ DQH[LVWLQJ VWRUPZDWHU SLSH XQGHU WKH 8NUDLQLDQ&KULVWLDQ&HQWHUORFDWHGDW+DUGLH$YHQXH1:LQ5HQWRQ:DVKLQJWRQ7KHH[LVWLQJSLSHLV RZQHGE\WKH&LW\RI5HQWRQ &LW\RU&OLHQW ´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¶V6FRSHRI6HUYLFHV $IWHUUHFHLYLQJDXWKRUL]DWLRQWRSURFHHG0HDG +XQWVKDOOSHUIRUPWKHIROORZLQJVHUYLFHV 7DVN±3URMHFW0DQDJHPHQW 3URMHFW0DQDJHPHQWLVDQRQJRLQJLQWHUQDOSURFHVVWRWUDFNSURMHFWPLOHVWRQHVVFKHGXOHDQGEXGJHW 0HWKRGRORJ\ •'HYHORSLQJDQGGRFXPHQWLQJWKH3URMHFW0DQDJHPHQW3ODQ 303 •2UJDQL]LQJWKH3URMHFWWHDP •0RQLWRULQJDQGFRQWUROOLQJWKHSURMHFWGLUHFWLRQWRDFKLHYHUHVXOWV •0DQDJLQJDQGPLWLJDWLQJULVNVDQGVROYLQJFKDOOHQJHV "!#        -DUHG0F'RQDOG 1RYHPEHU 3DJH 352326$//(77(5 ‹0HDG +XQW,QF •7UDFNLQJDQGXSGDWLQJWKH3URMHFW6FKHGXOH •,QYRLFLQJDQGPRQLWRULQJSURMHFWEXGJHW •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•3URMHFW0HHWLQJ0LQXWHVDQG6WDWXV5HSRUWV PHHWLQJVFRPSOHWHGRQDIRUWQLJKWO\EDVLVUHSRUWV VHQWRXWZLWKLQaEXVLQHVVGD\VDIWHUPHHWLQJ 3') •0RQWKO\,QYRLFLQJ 3') &RQVXOWDQWZLOOSUHSDUHXSWRWHQ  PRQWKO\LQYRLFHVDQG3URMHFW6WDWXV5HSRUWV XSGDWHGRQDIRUWQLJKWO\ EDVLV  (DFK SURMHFW VWDWXV UHSRUW ZLOO LQFOXGH D VXPPDU\ RI ELOOLQJ SHULRG DFWLYLWLHV DQG GHOLYHUDEOHV XSFRPLQJDFWLYLWLHVDQGGHOLYHUDEOHVSURMHFWDFFRPSOLVKPHQWVDQGFKDOOHQJHVDQGVFKHGXOHXSGDWHV 7DVN±6LWH,QYHVWLJDWLRQV &RRUGLQDWLRQZLWK&KXUFKIRU$GGLWLRQDO'HVLJQ,QIRUPDWLRQ :HDQWLFLSDWHWKHQHHGWRPHHWZLWKWKHVLWHRZQHUDQGPDQDJHPHQWSHUVRQQHOWRFRRUGLQDWHDQGDFTXLUH DVEXLOWVLWHDQGDUFKLWHFWXUDOLQIRUPDWLRQLGHQWLI\DQGGRFXPHQWDERYHJURXQGVWRUPZDWHUVRXUFHVLGHQWLI\ DQ\ SRWHQWLDO LQWHUQDO FRQQHFWLRQV DQG GLVFXVV DQ\ H[LVWLQJ LVVXHV RU FRQFHUQV WKDW WKH VLWH RZQHUPDQDJHPHQWSHUVRQQHOPD\KDYHUHJDUGLQJWKHSURMHFW5HLPEXUVDEOHVIRUWKLVWDVNZLOOLQFOXGH PLOHDJHWUDYHOFRVWV &RRUGLQDWLRQDFWLRQVIRUWKLVWDVNZLOOLQFOXGH •,QLWLDOYLUWXDOPHHWLQJWRLQWURGXFHWKHSURMHFWWRVLWHPDQDJHPHQWSHUVRQQHO •6LWHYLVLWWRWRXUVLWHDQGGLVFXVVFRQFHUQVZLWKVLWHPDQDJHPHQWSHUVRQQHO7KH&LW\ZLOOFRRUGLQDWH VLWHDFFHVVIRUGHVLJQWHDPPHPEHUV 7DVN'HOLYHUDEOHVZLOOLQFOXGH •2QH  6LWH9LVLW6XPPDU\5HSRUW •6LWHLQIRUPDWLRQDVSURYLGHGE\6LWH2ZQHU0DQDJHPHQW3HUVRQQHOWRDVVLVWWKH3URMHFW7HDPZLWK XSFRPLQJDQGRURQJRLQJLQYHVWLJDWLRQV "!#        -DUHG0F'RQDOG 1RYHPEHU 3DJH 352326$//(77(5 ‹0HDG +XQW,QF %RXQGDU\DQG7RSRJUDSKLFDO6XUYH\ '2:/ZLOOZRUNDVDVXEFRQVXOWDQWRQWKHSURMHFW'2:/ZLOOSHUIRUPDILHOGVXUYH\DQGGRFXPHQWVHDUFK WRSURGXFHD%RXQGDU\DQG7RSRJUDSKLF6XUYH\IRUWKHVLWHDUHDV7KH6XUYH\ZLOOLQFOXGHWKHIROORZLQJ FRQWHQW •3URSHUW\DQG5LJKWRI:D\OLQHVIRUWKH&KXUFKSURSHUW\ •(DVHPHQWVRIUHFRUGIRUWKH&KXUFKDVWDNHQIURPD7LWOH5HSRUWIRUWKHFKXUFK7KH7LWOH5HSRUW ZLOOEHSURYLGHGE\WKH&LW\ •6XUYH\&RQWURO7KHKRUL]RQWDOFRQWUROIRUWKHSURMHFWZLOOEHUHIHUHQFHGWRWKH:DVKLQJWRQ6WDWH 3ODQH&RRUGLQDWHV\VWHP±1RUWK=RQH 1$' 7KHYHUWLFDOFRQWUROIRUWKHSURMHFWZLOOEH UHIHUHQFHGWRWKH1RUWK$PHULFDQ9HUWLFDO'DWXPRI 1$9' 7KHORFDWLRQDQGHOHYDWLRQ RIWKHPRQXPHQWVDQGEHQFKPDUNVXVHGZLOOEHUHIHUHQFHGLQWKH6XUYH\ •7RSRJUDSK\LQFOXGHVVLWHIHDWXUHVZLWKLQWKH6XUYH\$UHDVXFKDVEXLOGLQJVZDONZD\VSDWKV VWDLUVUHWDLQLQJZDOOVIHQFHVHWF •/RFDWLRQRIWUHHVRYHULQFKHVLQGLDPHWHULQFOXGLQJVL]HDQGW\SH •&RQWRXUVVKRZQDWRQHIRRWLQWHUYDOV •,QGLFDWLRQRIDOOVXUIDFHXWLOLW\IHDWXUHVLQFOXGLQJOLJKWSROHVSRZHUSROHVPHWHUVYDOYHVGUDLQDJH IHDWXUHVPDQKROHVFDWFKEDVLQVFXUEVHWF •/RFDWLRQRIXQGHUJURXQGXWLOLWLHVVXFKDVVDQLWDU\VWRUPZDWHUHOHFWULFDOJDVVWHDPWHOHSKRQH HWF'2:/ZLOOFRRUGLQDWHZLWKDSULYDWHORFDWLQJVHUYLFHWRILHOGORFDWHXWLOLWLHVSULRUWRVXUYH\LQJ •/RFDWLRQDQGGHSWK LISRVVLEOH RIWKHEXLOGLQJ¶VURRIGUDLQOLQHVIURPWKHGRZQVSRXWVDWWKHEXLOGLQJ WRZKHUHWKHOLQHVHQWHUWKH&LW\¶VVWRUPGUDLQV\VWHP'2:/ZLOOFRRUGLQDWHZLWKDSULYDWHORFDWLQJ VHUYLFHWRILHOGORFDWHWKHURRIGUDLQOLQHVSULRUWRVXUYH\LQJ •$V\PERODQGOLQHZRUNOHJHQG •$1RUWK$UURZDQGJUDSKLFVFDOH •6XUYH\PDSRQ´[´VKHHWVL]H 7KHGHOLYHUDEOHSURGXFWVZLOOLQFOXGHWKHIROORZLQJ •$XWR&$'&LYLO'ILOHVRIWKHVXUYH\ •%RXQGDU\DQG7RSRJUDSKLF6XUYH\VKHHWVGUDZQDWDVFDOHRI´ ¶WRJHWKHUZLWKDOHJHQGDQG WDEOHRIXQGHUJURXQGVWRUPDQGVDQLWDU\VHZHUVWUXFWXUHLQIRUPDWLRQVWDPSHGDQGVLJQHGE\D OLFHQVHGVXUYH\RU $VVXPSWLRQV •7KH&LW\ZLOODUUDQJHIRU'2:/¶VDFFHVVWRDOODUHDVWREHVXUYH\HG •8WLOLWLHVZLOOEHSUHPDUNHGE\D3URIHVVLRQDO8WLOLW\ORFDWLQJFRPSDQ\ $368WLOLW\/RFDWLQJ •3RWKROLQJRIXWLOLWLHVLVQRWSDUWRIWKLVSURSRVDO *HRWHFKQLFDO$QDO\VLVDQG6XSSRUW *HRV\QWHFZLOOZRUNDVDVXEFRQVXOWDQWRQWKHSURMHFW*HRV\QWHFZLOOSURYLGHJHRWHFKQLFDODQDO\VLVDQG VXSSRUWIRUWKH3URMHFW ([LVWLQJ,QIRUPDWLRQ5HYLHZ "!#        -DUHG0F'RQDOG 1RYHPEHU 3DJH 352326$//(77(5 ‹0HDG +XQW,QF •&RQGXFWDGHVNWRSUHYLHZRIH[LVWLQJLQIRUPDWLRQDWWKH6LWHLQFOXGLQJPDSVDQGLQIRUPDWLRQRQ UHOHYDQWLQIUDVWUXFWXUHSXEOLVKHGJHRORJLFPDSVDHULDOSKRWRV/L'$5LPDJHU\DQGRWKHUDYDLODEOH UHODWHGGDWD •&RQGXFW RQH   VLWH YLVLW WR DVVHVV H[LVWLQJ FRQGLWLRQV DQG LQIRUP JHRWHFKQLFDO HQJLQHHULQJ FRQFOXVLRQVDQGUHFRPPHQGDWLRQV*HRV\QWHFDVVXPHVWKHVLWHYLVLWZLOOEHXSWRWZR  KRXUV RQVLWH *HRWHFKQLFDO5HFRPPHQGDWLRQV0HPR •6XPPDUL]H WKH UHVXOWV RI WKH JHRWHFKQLFDO VWXGLHV FRQFOXVLRQV DQG UHFRPPHQGDWLRQV LQ D *HRWHFKQLFDO5HFRPPHQGDWLRQV0HPR •7KHPHPRZLOOLQFOXGH3URMHFWDQGVLWHGHVFULSWLRQVUHVXOWVRIWKHGHVNWRSVWXG\DQGJHRWHFKQLFDO HQJLQHHULQJ FRQFOXVLRQV DQG UHFRPPHQGDWLRQV RQ VWRUPZDWHU SLSHWUHQFKLQJ DQG EDFNILOO H[FDYDWLRQVQHDUH[LVWLQJUHWDLQLQJZDOOV DVQHHGHG DQGSLSHGHFRPPLVVLRQLQJ IORZDEOHILOOLQ SLSHDQGFRQWUROOHGEDFNILOOLQJRIH[LVWLQJYRLGVDORQJSLSH  •,IWHPSRUDU\VKRULQJLVQHFHVVDU\*HRV\QWHFDVVXPHVGHWDLOHGGHVLJQRIWHPSRUDU\VKRULQJZLOO EHWKHUHVSRQVLELOLW\RIWKHIXWXUHSURVSHFWLYH&RQWUDFWRU •,QFRUSRUDWH RQHURXQGRI FRPPHQWVLQWRDILQDOYHUVLRQ RIWKHPHPRVWDPSHGE\D OLFHQVHG SURIHVVLRQDOHQJLQHHU 3( LQWKHVWDWHRI:DVKLQJWRQ 'HVLJQ6XSSRUW •*HR6\QWHFWHDPPHPEHUVZLOODWWHQGXSWRHLJKW  RQHKRXU3URMHFWPHHWLQJVZLWK3URMHFW7HDP WKURXJKRXWWKHGXUDWLRQRIWKHSURMHFW 7DVN'HOLYHUDEOHV •'UDIW*HRWHFKQLFDO5HFRPPHQGDWLRQV0HPR •)LQDO*HRWHFKQLFDO5HFRPPHQGDWLRQV0HPR 7DVN±3UHOLPLQDU\6FKHPDWLFDQG$OWHUQDWLYHV$QDO\VLV   7KHWDVNGHVFULEHVWKHZRUNDQGDFWLYLWLHVQHHGHGWRGHYHORSSUHOLPLQDU\SODQVDWDOHYHO •5HURXWLQJRIH[LVWLQJVWRUPSLSHVWRDQHZFRQQHFWLRQSRLQW &RQVXOWDQWZLOOGHYHORSDQH[LVWLQJFRQGLWLRQVVWRUPZDWHUDVVHVVPHQWIRUWKHNQRZQFRQQHFWLRQV WRWKHH[LVWLQJVWRUPSLSHLGHQWLILHGGXULQJ7DVN&RQVXOWDQWZLOODOVRUHYLHZVLWHWRSRJUDSK\WR HQVXUHDOOVLWHGUDLQDJHLVDFFRXQWHGIRU$OWHUQDWLYHVZLOOEHLGHQWLILHGIRUQHZGUDLQDJHSLSLQJWKDW ZLOOUHURXWHH[LVWLQJFDWFKPHQWDUHDVWRDQHZSXEOLFGLVFKDUJHSRLQW7KHVHDOWHUQDWLYHVZLOOEH UHYLHZHGIRUFRQVWUXFWDELOLW\FRVWDQGLPSDFWWRWKHVLWHRZQHUVPDQDJHUVDQGYLVLWRUV •'HFRPPLVVLRQLQJRI([LVWLQJ3LSH &RQVXOWDQW ZLOO SURYLGH UHFRPPHQGDWLRQV IRU UHYLHZ E\ &LW\ 3URMHFW 0DQDJHU DQG 6LWH 2ZQHU0DQDJHPHQW 3HUVRQQHO 5HFRPPHQGDWLRQV ZLOO LQFOXGH IORZDEOH ILOO RSWLRQV WR SURYLGH LQFUHDVHGVWUXFWXUDOVWDELOLW\WKURXJKRXWWKHOHQJWKRISLSHEDFNILOOLQJRIH[LVWLQJYRLGVWKURXJK GDPDJHGVHFWLRQVRISLSHDQGSOXJJLQJRIH[LVWLQJFRQQHFWLRQV "!#        -DUHG0F'RQDOG 1RYHPEHU 3DJH 352326$//(77(5 ‹0HDG +XQW,QF 7DVN'HOLYHUDEOHVZLOOLQFOXGH •3UHOLPLQDU\6WRUPZDWHU'UDLQDJHSODQVKHHWV ´E\´KDOIVL]HLQHOHFWURQLF3')IRUPDW RQH VKHHWIRUHDFKGUDLQDJHDOWHUQDWLYH 7DVN±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•8SGDWHSODQVWRGHVLJQ$GYDQFHVWRUPZDWHUSODQGHVLJQDQGSUHSDUHSODQVKHHWVVKRZLQJ WKHVWRUPZDWHUGUDLQDJHLPSURYHPHQWVIRUUXQRIIWUHDWPHQW'HYHORSGHWDLOVLQDFFRUGDQFHZLWKWKH &LW\RI5HQWRQ6WRUPZDWHU0DQDJHPHQW0DQXDO •$GYDQFHWKHVWRUPZDWHUPDQDJHPHQWPRGHODQGFRPELQHSUHOLPLQDU\VWRUPZDWHUPDQDJHPHQW FDOFXODWLRQVLQWRDGUDIW7,57KLVGRFXPHQWZLOOLQFOXGHDOOK\GUDXOLFDQGK\GURORJLFFDOFXODWLRQVIRU WKHSURSRVHGGHVLJQRIWKHQHZGUDLQDJHSLSLQJV\VWHP •5HYLHZSURSRVHGGHVLJQIRUXWLOLW\FRQIOLFWV&RRUGLQDWHSRWKROLQJDVQHFHVVDU\WRLGHQWLI\DQG GHVLJQDURXQGXWLOLW\FRQIOLFWV •3UHSDUHELGTXDQWLW\DQGXQLWFRVWFDOFXODWLRQVIRUGHVLJQ •3UHSDUHWKHWHFKQLFDOVSHFLILFDWLRQVQHFHVVDU\IRUWKHLQWHQGHGZRUN&LW\RI5HQWRQ6WDQGDUG 6SHFLILFDWLRQVZLOOEHXWLOL]HGZKHUHSRVVLEOH$GGLWLRQDOVSHFLILFDWLRQVZLOOEHSUHSDUHGWRDGGUHVV ZRUNLWHPVDQGPDWHULDOVQRWFRYHUHGE\WKHDJHQF\VSHFLILFDWLRQV 'HVLJQ 0HDG +XQWZLOODGYDQFHWKHGHVLJQWRGHVLJQLQFRUSRUDWLQJIHHGEDFNUHFHLYHGGXULQJWKH GHVLJQUHYLHZPHHWLQJDQGLQWHUQDOTXDOLW\FRQWUROUHYLHZ7KHIROORZLQJZLOOEHFRPSOHWHG •8SGDWHSODQVHWWRGHVLJQ •8SGDWHWHFKQLFDOVSHFLILFDWLRQVWRGHVLJQ •8SGDWHTXDQWLW\DQGXQLWFRVWFDOFXODWLRQVWRGHVLJQ •$GYDQFHWKH7,5WRGHVLJQ 'HVLJQ 0HDG +XQWZLOODGYDQFHWKHGHVLJQWRLQFRUSRUDWLQJIHHGEDFNUHFHLYHGGXULQJWKHGHVLJQ UHYLHZPHHWLQJDQGLQWHUQDOTXDOLW\FRQWUROUHYLHZ7KHIROORZLQJZLOOEHFRPSOHWHG •8SGDWHSODQVHWWRGHVLJQ "!#        -DUHG0F'RQDOG 1RYHPEHU 3DJH 352326$//(77(5 ‹0HDG +XQW,QF •8SGDWHWHFKQLFDOVSHFLILFDWLRQVWRGHVLJQ •8SGDWHTXDQWLW\DQGXQLWFRVWFDOFXODWLRQVWRGHVLJQ •8SGDWHWKH7,5WR ,VVXHIRU%LG ,)%  0HDG +XQWZLOOSUHSDUHDQGVXEPLWDILQDOVHWRIFRQWUDFWGRFXPHQWVLQFRUSRUDWLQJIHHGEDFNUHFHLYHG GXULQJWKHGHVLJQUHYLHZPHHWLQJDQGLQWHUQDOTXDOLW\FRQWUROUHYLHZ •8SGDWHSODQVWRILQDODQGVXEPLW3URYLGHDSURIHVVLRQDOHQJLQHHUVHDORQWKHILQDOSODQV •8SGDWHWHFKQLFDOVSHFLILFDWLRQVWRILQDODQGVXEPLW3URYLGHDSURIHVVLRQDOHQJLQHHUVHDORQWKH VSHFLILFDWLRQV •8SGDWH7,5WRILQDOZLWKSURIHVVLRQDOHQJLQHHUVHDODQGVXEPLW 7DVN'HOLYHUDEOHVZLOOLQFOXGH •3ODQVHW ´E\´KDOIVL]HLQHOHFWURQLF3')IRUPDW •7,5 LQHOHFWURQLF3')IRUPDW •%LG4XDQWLWLHVDQGXQLWSULFHV LQ06([FHOIRUPDW •WHFKQLFDOVSHFLILFDWLRQV LQ06:RUGIRUPDW •3ODQVHW ´E\´KDOIVL]HLQHOHFWURQLF3')IRUPDW •WHFKQLFDOVSHFLILFDWLRQV LQ06:RUGIRUPDW •%LG4XDQWLWLHVDQGXQLWSULFHV LQ06([FHOIRUPDW •3ODQVHW ´E\´KDOIVL]HLQHOHFWURQLF3')IRUPDW •7,5 LQ3')IRUPDW •WHFKQLFDOVSHFLILFDWLRQV LQ06:RUGIRUPDW •%LG4XDQWLWLHVDQGXQLWSULFHV LQ06([FHOIRUPDW •,)%3ODQVHW ´E\´KDOIVL]HLQHOHFWURQLF3')IRUPDW  VWDPSHGE\WKH3URIHVVLRQDO(QJLQHHU •,)%7,5 VWDPSHGE\WKH3URIHVVLRQDO(QJLQHHU •,)%WHFKQLFDOVSHFLILFDWLRQV LQ06:RUGDQG3')IRUPDW DQGVSHFLILFDWLRQVFHUWLILFDWLRQSDJH LQ 3')IRUPDW  VWDPSHGE\WKH3URIHVVLRQDO(QJLQHHU •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‹0HDG +XQW,QF &RQWLQJHQF\IRU8QIRUHVHHQ'HVLJQ7DVNV 'XHWRWKHQDWXUHRIWKLVSURMHFWWKHUHPD\EHXQIRUHVHHQGHVLJQHOHPHQWVWKDWFRPHXSWKURXJKRXWWKH FRXUVHRIWKHSURMHFW:HZLOOXWLOL]HWKLVFRQWLQJHQF\IRUWKRVHWDVNV$OOGHVLJQLWHPVZLOOEHFRRUGLQDWHG ZLWKDQGUHFHLYHSUHDSSURYDOIURPWKH&LW\3URMHFW0DQDJHU 7DVN6XSSOHPHQWDO*HRWHFKQLFDO7DVNV 6XEVXUIDFH,QYHVWLJDWLRQ3URJUDP •,IQHHGHGIRUGHVLJQ*HRV\QWHFZLOOSODQFRRUGLQDWHDQGH[HFXWHDVXEVXUIDFHLQYHVWLJDWLRQ SURJUDP7KHGHWDLOHGVFRSHDQGEXGJHWIRUWKHVXEVXUIDFHH[SORUDWLRQSURJUDPZLOOEHGHYHORSHG DWDODWHUGDWH*HRV\QWHFDQWLFLSDWHVWKHSURJUDPZLOOFRQVLVWRIWZRWRWKUHHGULOOHGDQGVDPSOHG VRLOERULQJVDQGZLOOEHFRQGXFWHGLQRQHGD\7KHGHSWKRIWKHGULOOHGVRLOERULQJVZLOOGHSHQGRQ WKHERULQJORFDWLRQLQUHODWLRQWRWKHVWRUPZDWHUSLSHWREHGHFRPPLVVLRQHG 8QIRUHVHHQ&LUFXPVWDQFHVDQG'HVLJQ1HHGV •,I QHHGHG *HRV\QWHF ZLOO SURYLGH DGGLWLRQDO GHVLJQ FROODERUDWLRQ RQ JHRWHFKQLFDO WRSLFV DQG XQIRUHVHHQFLUFXPVWDQFHV $GGLWLRQDO6LWH9LVLWVDQG'HVLJQ7HDP0HHWLQJV •,IQHHGHG*HRV\QWHFZLOODWWHQGXSWRWZRDGGLWLRQDOWZRKRXU6LWHYLVLWV •,IQHHGHG*HRV\QWHFZLOODWWHQGXSWRIRXUDGGLWLRQDORQHKRXU3URMHFWPHHWLQJVZLWK0HDG +XQW 0HDGDQGKXQWZLOOSURYLGHFRRUGLQDWLRQRIWKHDGGLWLRQDOJHRWHFKQLFDOLQYHVWLJDWLRQVHUYLFHV 5HVSRQVLELOLWLHVRI&,7<2)5(1721 2XU 6FRSH RI 6HUYLFHV DQG &RPSHQVDWLRQ DUH EDVHG RQ &,7< 2) 5(1721 &,7< 2) 5(1721  SHUIRUPLQJRUSURYLGLQJWKHIROORZLQJ •$ GHVLJQDWHG UHSUHVHQWDWLYH ZLWK FRPSOHWH DXWKRULW\ WR WUDQVPLW LQVWUXFWLRQV DQG LQIRUPDWLRQ UHFHLYHLQIRUPDWLRQLQWHUSUHWSROLF\DQGGHILQHGHFLVLRQV •&RRUGLQDWHDFFHVVWRWKHSURMHFWVLWH •$YDLODEOHGDWDGUDZLQJVDQGLQIRUPDWLRQUHODWHGWRWKHSURMHFWDVLQIRUPDWLRQEHFRPHVDYDLODEOH •5HYLHZRIGHOLYHUDEOHVZLWKLQWZR  ZHHNVRIUHFHLSW •3URWHFWLRQRI0HDG +XQWVXSSOLHGGLJLWDOLQIRUPDWLRQRUGDWDLIDQ\IURPFRQWDPLQDWLRQPLVXVH RUFKDQJHV •&RRUGLQDWHZLWKWKHSURSHUW\RZQHUDVQHHGHGIRUWHUPVDQGFRQGLWLRQVRIHDVHPHQWLQDGGLWLRQWR UHFRUGLQJWKHQHZHDVHPHQW "!#        -DUHG0F'RQDOG 1RYHPEHU 3DJH 352326$//(77(5 ‹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±)HH6FKHGXOH7KHDFWXDOLQFUHDVHRQELOOLQJUDWHVPD\EHOHVVWKDQDQGZRXOG FRUUHVSRQGWRDUHGXFWLRQLQHQJLQHHULQJIHHV 3URMHFW6FKHGXOH $VVKRZQLQ(;+,%,7' :RUN1RW,QFOXGHGLQWKH6FRSHRI6HUYLFHV 7KHIROORZLQJLWHPVDUHH[FOXGHGIURPWKLVDJUHHPHQWDQGZLOOEHSURYLGHGE\WKH&LW\RUSURYLGHGE\0HDG +XQWDVDQ$GGLWLRQDO6HUYLFHRQO\DVDXWKRUL]HGE\WKH&LW\ •'HVLJQZRUNDVVRFLDWHGZLWKIRXQGDWLRQUHSDLUVRUDOWHUDWLRQV •3UHSDUDWLRQRIVHSDUDWHSHUPLWGRFXPHQWVRUSDUWLFLSDWLRQLQSHUPLWWLQJDSSOLFDWLRQPHHWLQJV •3LSHFOHDQLQJRUDGGLWLRQDO&&79LQYHVWLJDWLRQ •6DQLWDU\VHZHUODWHUDOGHVLJQ •/DQGVFDSHGHVLJQZLWKH[FHSWLRQRIVRGUHSODFHPHQW •$UERULVWVHUYLFHV •&RPPXQLW\HQJDJHPHQWRWKHUWKDQFRPPXQLFDWLRQVDQGFRRUGLQDWLRQZLWKWKHSURSHUW\RZQHU •&RQVWUXFWLRQDGPLQLVWUDWLRQ "!#        ([KLELW%%LOOLQJ5DWHV "!#        MEAD & HUNT, Inc. 2QH:DWHUStandard Billing Rate Schedule Effective January 1, 2025 Standard Billing Rates Archaeologist/Historian Technician, Project Assistant I, Technical Editor I ............................................... $.00 / hour Archaeologist/Historian I ........................................................................................................................... $00 / hour Archaeologist/Historian II .......................................................................................................................... $.00 / hour Archaeologist/Historian III, Project Assistant II, Technical Editor II, Technician I ................... KRXU Project Assistant III, Technical Editor III, Technician II ............................................................................ $.00 / hour Engineer I, Architect I, Interior Designer I, Planner I, Scientist I .............................................$.00  / hour 6HQLRU Archaeologist/Historian, Project Assistant IV, Technical Editor IV, Technician III ....................... $.00 / hour Registered Land Surveyor ........................................................................................................................ $177.00 / hour Engineer II, Architect II, Interior Designer II, Planner II, Scientist II .........................................$.00  / hour Project Archaeologist/Historian, Technician IV ........................................................................................ $100 / hour Senior Technician ..................................................................................................................................... $1.00 / hour Engineer III, Architect III, Interior Designer III, Planner III, Scientist III .................................................... $.00 / hour Senior Engineer, Architect, Interior Designer, Planner and Scientist ....................................................... $205.00 / hour Project Engineer, Architect, Interior Designer, Planner and Scientist ...................................................... $230.00 / hour Senior Project Engineer, Architect, Interior Designer, Planner and Scientist........................................... $2.00 / hour Senior Associate, Senior Client/Project Manager ....................................................................$.00  / hour Principal .................................................................................................................................................... $3.00 / hour Expenses Geographic Information or GPS Systems ................................................................................................. $110.00 / day Total Station Survey Equipment ................................................................................................................ $220.00 / day Charges for other equipment may appear in a proposal Out-Of-Pocket Direct Job Expenses ......................................................................................................... cost plus 15% Such as reproductions, sub-consultants / contractors, etc. Travel Expense Company or Personal Car Mileage .......................................................................................................... IRS rate / mile Air and Surface Transportation ................................................................................................................. cost plus 15% Lodging and Sustenance .......................................................................................................................... cost plus 15% Billing & Payment Travel time is charged for work required to be performed out-of-office. Invoicing is on a monthly basis for work performed. Payment for services is due within 30 days from the date of the invoice. An interest charge of 1.5% per month is made on the unpaid balance starting 30 days after the date of invoice. This schedule of billing rates is effective January 1, 2025, and will remain in effect until December 31, 2025, unless unforeseen increases in operational costs are encountered. We reserve the right to change rates to reflect such increases. "!#        ([KLELW&3URMHFW)HH "!#        DĞĂĚĂŶĚ,ƵŶƚ dĂLJůŽƌǀĞWŚĂƐĞϮ ^ĞŶŝŽƌWƌŽũĞĐƚ ŶŐŝŶĞĞƌ ;^ƚĂŵƉŝŶŐWͿ WƌŽũĞĐƚ ŶŐŝŶĞĞƌ ;YͿ ^ĞŶŝŽƌ ŶŐŝŶĞĞƌͬWD ŶŐŝŶĞĞƌ/// ŶŐŝŶĞĞƌ// dĞĐŚ ĚŵŝŶ ϱ ΨϮϳϲ ΨϮϯϬ ΨϮϬϱ Ψϭϴϵ ΨϭϳϮ Ψϭϯϳ Ψϵϯ dŽƚĂů ;ϮϬϮϱ^ƚĂŶĚĂƌĚZĂƚĞƐŝŶĐů͘ŶŽƚͲƚŽͲĞdžĐĞĞĚϱйŵĂƌŬƵƉͿ ΨϮϴϵ͘ϴϬ ΨϮϰϭ͘ϱϬ ΨϮϭϱ͘Ϯϱ Ψϭϵϴ͘ϰϱ ΨϭϴϬ͘ϲϬ Ψϭϰϯ͘ϴϱ Ψϵϳ͘ϲϱ dŽƚĂů dĂƐŬϭ „ŘĺĤôèťϙaÍIJÍČôıôIJť ĺIJťŘÍèťϙîıĖIJĖŜťŘÍťĖĺIJϙÍIJîϙĺĺŘîĖIJÍťĖĺIJ ϯ ϰϰ Ϭ Ϭ Ϯ ϭϬ͕ϱϯϱ͘ϳϬ aôôťĖIJČŜϙϼIIJťôŘIJÍīϙÍIJîϙèīĖôIJťϽ ϭϴ ϭϴ ϭϴ ϭϴ ϭϱ͕ϮϱϮ͘ϯϬ 6XEWRWDO Ϯϭ Ϭ ϲϮ ϭϴ Ϭ ϭϴ Ϯ Ϯϱ͕ϳϴϴ͘ϬϬ dĂƐŬϮ ‹ĖťôϙIIJŽôŜťĖČÍťĖĺIJŜϙ Ϯ͘ϭ &RRUGLQDWLRQZLWK&KXUFKIRU$GGLWLRQDO'HVLJQ,QIRUPDWLRQ ϴ Ϯϰ ϭϮ ϭ ϵ͕ϯϬϴ͘Ϯϱ Ϯ͘Ϯ %RXQGDU\DQG7RSRJUDSKLFDO6XUYH\ϴ ϭ͕ϳϮϮ͘ϬϬ &RRUGLQDWLRQDQG5HYLHZ Ϭ͘ϬϬ Ϭ͘ϬϬ Ϯ͘Ϯ *HRWHFKQLFDO$QDO\VLVDQG6XSSRUW ϰ ϴϲϭ͘ϬϬ 6XEWRWDO ϴ Ϭ ϯϲ Ϭ Ϭ ϭϮ ϭ ϭϭ͕ϴϵϭ͘Ϯϱ dĂƐŬϯ „ŘôīĖıĖIJÍŘƅϙ‹èēôıÍťĖèϙÍIJîϙīťôŘIJÍťĖŽôŜϙIJÍīƅŜĖŜ ϭϲ ϲ ϲϬ ϮϬ ϭϮ Ϯϰ͕ϲϵϲ͘ϬϬ 6XEWRWDOϭϲ ϲ ϲϬ ϮϬ Ϭ ϭϮ Ϭ Ϯϰ͕ϲϵϲ͘ϬϬ dĂƐŬϰ "ôťÍĖīôîϙ"ôŜĖČIJϙϼ͕͏҇Ϡϙ͘͏҇Ϡϙ͐͏͏҇ϠϙI>Ͻ ϰ͘ϭ 'HVLJQ 6WRUPZDWHU3ODQ 3URILOHV ϴ ϰ Ϯϰ ϭϮ ϭϴ ϭ ϭϯ͕ϱϭϴ͘ϳϱ 6WRUPZDWHU7,5 ϰ Ϯ ϭϮ ϭϮ ϲ͕ϲϬϲ͘ϲϬ 6SHFLILFDWLRQVDQG&RVW(VWLPDWH ϰ ϴ Ϯ ϯ͕Ϯϳϴ͘ϭϬ ϰ͘Ϯ 'HVLJQ 6WRUPZDWHU3ODQ 3URILOHVDQG'HWDLOV ϴ ϰ Ϯϰ ϭϮ ϭϴ ϭ ϭϯ͕ϱϭϴ͘ϳϱ 6WRUPZDWHU0RGHOLQJ7,52 0 ϰ Ϯ ϭϮ ϭϮ ϲ͕ϲϬϲ͘ϲϬ 6SHFLILFDWLRQVDQG&RVW(VWLPDWH ϰ ϴ Ϯ ϯ͕Ϯϳϴ͘ϭϬ ϰ͘ϯ 'HVLJQ 3ODQ8SGDWHV Ϯ Ϯ ϭϲ ϭϮ ϭϮ ϭ ϴ͕ϳϭϭ͘ϴϱ 6WRUPZDWHU0RGHOLQJ7,5663 ϭ Ϯ ϴ ϭϮ ϰ͕ϴϳϲ͘ϮϬ 6SHFLILFDWLRQVDQG&RVW(VWLPDWH ϭ ϴ Ϯ Ϯ͕ϰϬϴ͘ϳϬ ϰ͘ϰ ,)%'HVLJQ 3ODQ8SGDWHV ϰ Ϯ ϭϮ ϲ ϲ ϭ ϲ͕ϯϳϲ͘ϲϱ 6WRUPZDWHU0RGHOLQJ7,5663XSGDWHV Ϯ Ϯ ϲ Ϯ Ϯ͕ϳϱϭ͘ϬϬ 6SHFLILFDWLRQVDQG&RVW(VWLPDWH Ϯ ϲ Ϯ Ϯ͕Ϯϲϴ͘ϬϬ 6XEWRWDO ϰϰ ϮϬ ϭϰϰ ϴϴ Ϭ ϱϰ ϰ ϳϰ͕ϭϵϵ͘ϯϬ dĂƐŬϱ îîĖťĖĺIJÍīϙ‹èĺŕôϙIťôıŜϙϼÍŜϙIJôôîôîϽ ϱ͘ϭ 'UDLQDJH(DVHPHQW0RGLILFDWLRQV ϯ ϭϮ ϲ ϭ ϰ͕ϰϭϯ͘ϭϱ ϱ͘Ϯ 'HVLJQ&RQWLQJHQF\Ϯϱ͕ϬϬϬ͘ϬϬ 6XEWRWDO ϯ Ϭ ϭϮ Ϭ Ϭ ϲ ϭ Ϯϵ͕ϰϭϯ͘ϭϱ dĂƐŬϲ ‹ŪŕŕīôıôIJťÍīϙ@ôĺťôèēIJĖèÍīϙ“ÍŜħŜ ϲ͘ϭ 6XSSOHPHQWDO*HRWHFKQLFDO&RRUGLQDWLRQ ϰ ϭϲ ϰ͕ϲϬϯ͘ϮϬ 6XEWRWDO ϰ Ϭ ϭϲ Ϭ Ϭ Ϭ Ϭ ϰ͕ϲϬϯ͘ϮϬ 7RWDO ϵϲ Ϯϲ ϯϯϬ ϭϮϲ Ϭ ϭϬϮ ϴ ϭϳϬ͕ϱϵϬ͘ϵϬ 6XEWRWDO/DERUDQG2YHUKHDG ϭϳϬ͕ϱϵϬ͘ϵϬ '2:/ 6XE ϯϮ͕ϳϯϬ͘ϬϬ *HRV\QWHF 6XE ϭϴ͕ϴϱϬ͘ϬϬ *HRV\QWHF 6XE 6XSSOHPHQWDO ϯϳ͕ϮϬϬ͘ϬϬ 0DUNXSRQ6XEFRQVXOWDQW&RVWV  ϭϯ͕ϯϭϳ͘ϬϬ 9HKLFOH0LOHDJH ZĂƚĞ͗ Ϭ͘ϳϬƉĞƌŵŝůĞ DŝůĞƐ͗ ϯϱϬ Ϯϰϱ͘ϬϬ 6XEWRWDO6XEFRQVXOWDQWDQG'LUHFW&RVW ϭϬϮ͕ϯϰϮ͘ϬϬ ϮϳϮ͕ϵϯϮ͘ϵϬ7RWDO0 +3URMHFW&RVW džŚŝďŝƚͲ&ĞĞ^ĐŚĞĚƵůĞ ƐƚŝŵĂƚĞ͖ĂĚĚŝƚŝŽŶĂůĚĞƐŝŐŶƚĂƐŬƐƚŽďĞĂƉƉƌŽǀĞĚƉƌŝŽƌƚŽǁŽƌŬĞdžĞĐƵƚĞĚ͘ ‹ŪæèĺIJŜŪīťÍIJťϯ‹ŪæèĺIJťŘÍèťĺŘϙ(ƄŕôIJŜôŜ 2WKHU'LUHFW&RVWV sĂůƵĞƐĂƌĞďĂƐĞĚŽŶϮϬϮϱDĞĂĚΘ,ƵŶƚ͕/ŶĐ͘KŶĞtĂƚĞƌ^ƚĂŶĚĂƌĚŝůůŝŶŐZĂƚĞ^ĐŚĞĚƵůĞǁŝƚŚŶŽƚͲƚŽͲĞdžĐĞĞĚϱйŵĂƌŬƵƉĨŽƌϮϬϮϲĞĨĨŽƌƚ͘ "!#        ([KLELW'3URMHFW6FKHGXOH "!#        DĞĂĚĂŶĚ,ƵŶƚ dĂLJůŽƌǀĞWŚĂƐĞϮ dĂƐŬdŝŵĞ&ƌĂŵĞ ϭͬ ϱ ͬ Ϯ Ϭ Ϯ ϲ ϭͬ ϭ Ϯ ͬ Ϯ Ϭ Ϯ ϲ ϭͬ ϭ ϵ ͬ Ϯ Ϭ Ϯ ϲ ϭͬ Ϯ ϲ ͬ Ϯ Ϭ Ϯ ϲ Ϯͬ Ϯ ͬ Ϯ Ϭ Ϯ ϲ Ϯͬ ϵ ͬ Ϯ Ϭ Ϯ ϲ Ϯͬ ϭ ϲ ͬ Ϯ Ϭ Ϯ ϲ Ϯͬ Ϯ ϯ ͬ Ϯ Ϭ Ϯ ϲ ϯͬ Ϯ ͬ Ϯ Ϭ Ϯ ϲ ϯͬ ϵ ͬ Ϯ Ϭ Ϯ ϲ ϯͬ ϭ ϲ ͬ Ϯ Ϭ Ϯ ϲ ϯͬ Ϯ ϯ ͬ Ϯ Ϭ Ϯ ϲ ϯͬ ϯ Ϭ ͬ Ϯ Ϭ Ϯ ϲ ϰͬ ϲ ͬ Ϯ Ϭ Ϯ ϲ ϰͬ ϭ ϯ ͬ Ϯ Ϭ Ϯ ϲ ϰͬ Ϯ Ϭ ͬ Ϯ Ϭ Ϯ ϲ ϰͬ Ϯ ϳ ͬ Ϯ Ϭ Ϯ ϲ ϱͬ ϰ ͬ Ϯ Ϭ Ϯ ϲ ϱͬ ϭ ϭ ͬ Ϯ Ϭ Ϯ ϲ ϱͬ ϭ ϴ ͬ Ϯ Ϭ Ϯ ϲ ϱͬ Ϯ ϱ ͬ Ϯ Ϭ Ϯ ϲ ϲͬ ϭ ͬ Ϯ Ϭ Ϯ ϲ ϲͬ ϴ ͬ Ϯ Ϭ Ϯ ϲ ϲͬ ϭ ϱ ͬ Ϯ Ϭ Ϯ ϲ ϲͬ Ϯ Ϯ ͬ Ϯ Ϭ Ϯ ϲ ϲͬ Ϯ ϵ ͬ Ϯ Ϭ Ϯ ϲ ϳͬ ϲ ͬ Ϯ Ϭ Ϯ ϲ ϳͬ ϭ ϯ ͬ Ϯ Ϭ Ϯ ϲ ϳͬ Ϯ Ϭ ͬ Ϯ Ϭ Ϯ ϲ ϳͬ Ϯ ϳ ͬ Ϯ Ϭ Ϯ ϲ ϴͬ ϯ ͬ Ϯ Ϭ Ϯ ϲ ϴͬ ϭ Ϭ ͬ Ϯ Ϭ Ϯ ϲ ϴͬ ϭ ϳ ͬ Ϯ Ϭ Ϯ ϲ ϴͬ Ϯ ϰ ͬ Ϯ Ϭ Ϯ ϲ ϴͬ ϯ ϭ ͬ Ϯ Ϭ Ϯ ϲ ϵͬ ϳ ͬ Ϯ Ϭ Ϯ ϲ ϵͬ ϭ ϰ ͬ Ϯ Ϭ Ϯ ϲ ϵͬ Ϯ ϭ ͬ Ϯ Ϭ Ϯ ϲ ϵͬ Ϯ ϴ ͬ Ϯ Ϭ Ϯ ϲ ϭϬ ͬ ϱ ͬ Ϯ Ϭ Ϯ ϲ ϭϬ ͬ ϭ Ϯ ͬ Ϯ Ϭ Ϯ ϲ ϭϬ ͬ ϭ ϵ ͬ Ϯ Ϭ Ϯ ϲ ϭϬ ͬ Ϯ ϲ ͬ Ϯ Ϭ Ϯ ϲ dĂƐŬϭ „ŘĺĤôèťϙaÍIJÍČôıôIJť :HHNV ƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄƄ 3URMHFW.LFNRII :HHNV ƄƄƄ dĂƐŬϮ ‹ĖťôϙIIJŽôŜťĖČÍťĖĺIJŜϙ :HHNV Ϯ͘ϭ 6LWH&RRUGLQDWLRQ :HHNV ƄƄƄƄƄƄƄƄ Ϯ͘Ϯ %RXQGDU\DQG7RSRJUDSKLFDO6XUYH\ :HHNV ƄƄƄƄƄƄƄƄ Ϯ͘ϯ *HRWHFKQLFDO$QDO\VLVDQG6XSSRUW :HHNV ƄƄƄƄƄƄƄƄ dĂƐŬϯ „ŘôīĖıĖIJÍŘƅϙ"ôŜĖČIJ ϯ͘ϭ 'HVLJQ$OWHUQDWLYHV3ODQ6KHHWV :HHNV ƄƄƄƄƄƄƄƄ dĂƐŬϰ "ôťÍĖīôîϙ"ôŜĖČIJϙ ϰ͘ϭ 'HVLJQ :HHNV ƄƄƄƄƄƄ 6WRUPZDWHU3ODQ 3URILOHV ƄƄƄƄƄƄ 7,5 ƄƄƄƄƄƄ 6SHFLILFDWLRQVDQG&RVW(VWLPDWH ƄƄƄƄƄƄ ϰ͘Ϯ 'HVLJQ :HHNV ƄƄƄƄƄ 6WRUPZDWHU3ODQ 3URILOHVDQGGHWDLOV ƄƄƄƄƄ 7,5 ƄƄƄƄƄ 6SHFLILFDWLRQVDQG&RVW(VWLPDWH ƄƄƄƄƄ ϰ͘ϯ 'HVLJQ :HHNV ƄƄƄƄ 3ODQ8SGDWHV ƄƄƄƄ 7,5 6SHFLILFDWLRQVDQG&RVW(VWLPDWH ƄƄƄƄ ϰ͘ϰ ,)% :HHNV ƄƄƄƄ 3ODQ8SGDWHV ƄƄƄƄ 7,5 ƄƄƄƄ 6SHFLILFDWLRQVDQG&RVW(VWLPDWH ƄƄƄƄ dĂƐŬϱ îîĖťĖĺIJÍīϙ‹èĺŕôϙIťôıŜ ϱ͘ϭ 'UDLQDJH(DVHPHQW0RGLILFDWLRQV :HHNV ƄƄƄƄ ϱ͘Ϯ &RQWLQJHQF\)RU8QIRUHVHHQ'HVLJQ7DVNV $V1HHGHG dĂƐŬϲ ‹ŪŕŕīôıôIJťÍīϙ@ôĺťôèēIJĖèÍīϙ“ÍŜħŜ 'UDLQDJH(DVHPHQW0RGLILFDWLRQV $V1HHGHG džŚŝďŝƚͲWƌŽũĞĐƚ^ĐŚĞĚƵůĞ "!#